Refer to the following list of various products:

a. yarn f. trees

b. lumber g. frozen omelets

c. sheep h. wool

d. eggs i. chickens

e. grapes j. logs (felled trees)

Required:

In this list, identify those items that may qualify as biological asset, agricultural produce, and inventory. In addition, match up the biological asset with its agricultural produce and its processed inventory.

Explain how each of the three types of assetsbiological asset, agricultural produce, and inventoryis recognized and reported.