Question: FlinFlon Limited sells three products whose prices are sensitive to price fluctuations. The following inventory information is available for these products at March 31, 2018:

FlinFlon Limited sells three products whose prices are sensitive to price fluctuations. The following inventory information is available for these products at March 31, 2018:

Instructions
(a) Calculate FlinFlon's inventory at the lower of cost and net realizable value.
(b) Prepare any journal entry required to record the LCNRV, assuming that FlinFlon uses a perpetual inventory system.

Product Units Unit Cost Net Realizable Value A 25 7 B 30 60 $7 8 10 6

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