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roblem 10-16 (IAA) ter Company provided the following inventory data at year-endpany Cost NRV Skis Boots 2,200,000 2,500,000 1,700,000 1,500,000 Skiequipment 700,000 400,000 800,000 Ski apparel 500,000 What amount should be reported as inventory at year-end? a 5,000,000 b. 5,300,000 c. 4,800,000 d. 5,200,000 Problem 10-17 (AICPA Adapted) Based on a physical inventory taken at year-end, Chewy Company determined the chocolate inventory on a FIFO basis at P5,200,000 with a replacement cost of P4,000,000. The entity estimated that after further processing cost of P2400,000, the chocolate could be sold as finished candy bars for P8,000,000. The normal profit margin is 10% of sales. Using the measurement at the lower of cost and net realizable value, what amount should be reported as chocolate inventory at year-end? a. 5,600,000 b. 4,000,000 c. 5,200,000 d. 4,800,000 285