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

The correct option is B

Explanation:

The amount which is to be reported as the chocolate inventory on the balance sheet date December 31, 20X1 is the $26,000 because on grounded of physical inventory which is taken on the December 31, 20X1, was $26,000.

Therefore, Chewy will be having a $26,000 amount of inventory of chocolate on the account in order to produce the candy bars and then sell them in the market to earn the profit.

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answer; intellectual property protection;