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, 2011:

(a) CalculateFlinFlon'sinventoryatthelowerofcostandnetrealizablevalue.
(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, 2012, at cost, net realizable value, or some other value? Explain

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Product UnitsUnit Cost Net Realizable Valu $ 7 $ 7 25 30 60 10