INVENTORY RECORDS
Exam
The four SAE projects covered in this exam are: Beef Cattle, Hay, Bird Dogs and Fencing.
1.
You had 3 bags of dog food valued at $15 per bag on December 31 st.
2.
On November 11th you purchased an Angus steer for $450. The steer was valued $600 on
December 31st. You plan on reselling the steer at a later date.
3.
On January 1st you had an Angus cow that was valued at $1100. You purchased the cow the
previous year and plan to raise calves from the cow. The cow was valued at $1050 on December
31st.
4.
On January 1st you had on hand 3 raised Angus beef steers that you planed to sell. They were
worth $350 each on January 1st. You sold them on March 18th for $500 each.
5.
You owned an iPod that was valued at $150 on January 1st and $140 on December 31st.
6.
Your hay crop from the previous didn’t yield as expected due to a drought and you had only 25
rolls of alfalfa hay remaining on January 1st that was valued at $25 per roll. This year’s hay crop
yielded much better and on December 31st you had 52 rolls valued at $22 per roll.
7.
The Powder River squeeze chute and head gate that you and your father own in equal partnership
was valued at $1250 on January 1st and $1100 on December 31st.
8.
You had 100 ml bottle of LA 200 on January 1 st that was valued at $17. On December 31st you
had 50 ml of LA 200 that was valued at $19 per 100 ml bottle.
9.
On January 1st you had 15 head of Angus cows that you raised. These cows were worth an
average of $850 each on January 1st. On March 2nd you sold one of the cows for $700 to Leger’s
Cattle Company. On December 31st you had 14 head of the Angus that you raised remaining and
they were worth an average of $875 per head.
10. On February 20th you purchased an Angus bull to be used for the upcoming breeding season for
$1500. The bull was valued at $1400 on December 31st.
11. On January 1st you owned 20% of 5 acres of land which was valued at $1500 per acre. On
December 31st the land was still valued at $1500 per acre
12. On January 1st you had 4 male Pointer bird dogs that you raised for breeding purposes. These
dogs were worth $600 each. Two of the dogs were sold on January 21 st for $600 each and one
was traded to for an Angus steer. On December 31 st you had one of the dogs remaining and it was
worth $750.
13. On April 21st you purchased a dog kennel for $500. By December 31 st the dog kennel had
depreciated $75.
14. You own a female Pointer bird dog that you purchased two years earlier from Norris Kennels.
The female dog has raised two litters of pups. On January 1st the female dog was valued at $800
and on December 31st the dog was valued at $750.
15.
You have aluminum dog box that was worth $550 on January 1 st and $535 on December 31st.