Flin Flon Limited sells three products whose prices are sensitive to price fluctuations. The following inventory information is available for these products at March 31, 2014:

Instructions
(a) Calculate Flin Flon's inventory at the lower of cost and net realizable value.
(b) Prepare any journal entry required to record the LCNRV, assuming that Flin Flon uses a perpetual inventory system.
(c) Assume that Flin Flon still holds product C a year later and that it has recovered its decline in value and that the net realizable value of product C is now $11. Should Flin Flon carry its inventory of product C at March 31, 2015, at cost, net realizable value, or some other value? Explain.

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