Fundy Corporation Has the Following Information About Their Inventory at Year-End

question 48

Multiple Choice

Fundy Corporation has the following information about their inventory at year-end: $\begin{array}{lrr}\text { Item}&\text { Cost }&\text { NRV }\\\hline\# 1 & \$ 12,000 & \$ 12,500 \\\# 2 & 21,250 & 19,750 \\\# 3 & 18,600 & 18,500\end{array}$ If Fundy values their inventory at the lower of cost and net realizable value on an item-by-item basis, what would be their year-end inventory balance on the balance sheet?

• A)$50,250
• B)$50,750
• C)$51,850
• D)$52,350

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Definitions:

Bylaws

The rules and regulations enacted by an organization or community to provide a framework for its operations and management.

Secretary of State

A senior government official responsible for keeping official records and executing certain duties, varying by country or state, often involving foreign affairs or administrative tasks.

Limited Liability

A legal structure that limits the amount of money that company owners or shareholders can lose in case the business fails, typically their investment in the company.

Corporate Debts

Obligations that a corporation owes to creditors, which can include bank loans, bonds, and other forms of borrowing.