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:

Product Units Unit Cost Net Realizable Value

A 25 $7 $ 7

B 30 6 8

C 60 11 10

Instructions:

a) Calculate FlinFlon's inventory at the Lower of Cost and Net Realizable Value (LCNRV).

b) Prepare any journal entry required to record the LCNRV, assuming that FlinFlon uses a perpetual inventory system.