accounting

At the year-end before we close the book, if the carrying value of inventory (i.e., the value showing on the balance sheet) is higher than the market value, which of the following accurately depicts the results when IFRS is used? Cost of goods sold is reduced and unrealized loss is booked. Inventory and cost of goods sold remain the same. Cost of goods sold increased and inventory decreased. Inventory is reduced and cost of goods sold is reduced