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Question 1: Based on a physical inventory taken on December 31, 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. Under the LCNRV, what amount should Chewy report as chocolate inventory in its December 31 balance sheet?
A. $28,000
B. $26,000
C. $24,000
D. $20,000
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