intermediate accounting

\begin{tabular}{|l|lcc|c|} \hline \multicolumn{1}{|c|}{ A } & B & C & D \\ \hline 1 & & Question One & \\ \hline 2 & & Part One \\ \hline \end{tabular} The following table displays the cost and net realizable value of the various items in Oceania Seafoods' inventory. As always, the company has the option of determining the net realizable value of inventory as the value of: inventory as a whole, the sum of the individual items, or the sum of its two major categories of inventory. Please complete the table to determine the net realizable value of the company's inventory for each of these three different options. If Oceania Seafood wanted maximize its reported assets yet still adhere to the LCNRV rule, what inventory value should Oceania Seafoods report on its year-end balance 19 sheet? 20 21 22 If instead, Oceania wanted to minimize its tax liability, what value of inventory would 23 Oceania report? 24 25 26 27 Part Three In roughly a paragraph, explain why reporting the value you chose above would reduce 28 the company's tax liability