Based on a physical inventory taken on December 31, 20X1, Chewy Co. determined its chocolate inventory on a FIFO basis at $26,000 with a replacement cost of $20,000. Chewy estimated that, after further processing costs of $12,000, the chocolate could be sold as finished candy bars for $40,000. Chewy's normal profit margin is 10% of sales. What amount should Chewy report as chocolate inventory on its December 31, 20X1, balance sheet? A. $28,000B. $26,000C. $24,000D. $20,000
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