Fundy Corp If Fundy Values Their Inventory at the Lower of Cost

question 11

Multiple Choice

Fundy Corp.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 a total inventory 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:

Chinese POWs

Prisoners of war from China, notably during conflicts such as the Korean War, where Chinese soldiers were captured by opposing forces.

Korean War

A conflict between North Korea (with the support of China and the Soviet Union) and South Korea (supported by the United Nations, primarily the United States) from 1950 to 1953, part of the early Cold War period.

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