Tascon Corporation sells coffee beans, which are sensitive to price fluctuations. The following inventory information is available for this product at December 31, 2014:

                              

(a) Calculate Tascon’s inventory at the lower of cost and net realizable value.
(b) Prepare any journal entry required to record the LCNRV, assuming that Tascon uses a perpetual inventory system.
(c) Assume that Tascon still holds this inventory a year later and that it has recovered from its decline in value; that is, the coffee’s net realizable value exceeds its cost. Should Tascon carry its inventory at December 31, 2015, at cost, net realizable value, or some other value? Explain.