The following list contains various products:

a. Yarn

b. Lumber

c. Sheep

d. Eggs

e. Trees

f. Frozen omelets

g. Wool

h. Chickens

i. Logs (felled trees)

Required:

1. 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. Prepare your answer using the following table:

2. Explain how each of the three types of assets— biological assets, agricultural produce, and inventory— is measured at each reportingperiod.

Transcribed Image Text:

Biological Asset Agricultural Produce Inventory