What amount shall be included in gross income

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Reference no: EM132810304

Question

The following information are made available by R Farms of its dairy livestock:
Carrying amount, January 1, 2029 P 450,000

FV less cost to sell of livestock purchased during the period 250,000

Increase in FV less cost to sell attributable to physical changes 220,000

Increase in F less cost to sell attributable to price changes 64,000

Total selling price less cost to sell of livestock sold during the period 290,000

What amount shall be included in gross income of R Farms as a result of the transactions on its dairy livestock?

Reference no: EM132810304

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