Farmer Flounder Industries Inc. is in the business of producing organic foods for sale to restaurants and in local markets. The company uses IFRS and has a June 30 fiscal year end. As an experiment, the company has decided to try raising organic free-range chickens. On May 1, 2023, Farmer Flounder purchased 100 new hatchlings for cash at a total cost of $980. The company paid cash for feed and labour costs of $150 per month to look after the chicks. Their (acceptable) accounting policy is to capitalize these costs. On June 30, the company estimated that the chickens would mature in mid-October. At year end, the chickens had a fair value of $1,800, and the company would have to transport them to its customers at an average cost of $3 per chicken. On October 30, all 100 chickens had matured and the company sold and shipped 50 of the chickens to one of its key customers for $30 per chicken. Transportation costs were $3 per chicken, as expected. (a) Your Answer Correct Answer (Used) Prepare the journal entries to record the inventory activity relating to the chickens for the month of May. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit May 1 Biological Assets Cash (To record the inventory total costs) May 1 Biological Assets (b1) Cash (To record the feed and labour costs) Your Answer Correct Answer (Used) 980 150 980 150 Prepare the journal entry to record the inventory activity relating to the chickens for the month of June. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Date Account Titles and Explanation June 30 Biological Assets Cash Debit 150 Credit 150 Prepare the journal entry to record the year-end adjustments required under IAS 41. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Date Account Titles and Explanation Debit Credit June 30