Assume that the farm is left idle during 2012. With no harvest, Criswells only transaction consists of

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Assume that the farm is left idle during 2012. With no harvest, Criswell’s only transaction consists of an October 2012 sale of the 15,000 bushels in inventory at $2.80 per bushel.

Further assume that no fixed costs are incurred while the farm is idle. Compute income during 2012 on both the sale and production basis. Discuss the causes for any profit or loss reported under each income determination alternative.

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