Blue & Grey Company is a producer of coffee. The entity is considering the valuation of its harvested coffee beans. Industry practice is to value the coffee beans at market value and uses as reference a local publication “Accounting for Successful Farms”. On December 31, 2018, the entity has harvested coffee beans costing P3,000,000 and with fair value less cost to sell of P3,500,000 at the point harvest. Because of long aging and maturation process after harvest, the harvested coffee beans were still on hand on December 31,2018. On such date, the fair value less cost to sell is P3,900,000 and the net realizable value is P3,200,000. The coffee beans inventory shall be measured at?
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