Applying IFRS LVMH is a Paris-based manufacturer of luxury goods that prepares its financial statements using IFRS. During the year, the management of the company undertook a review of the fair value of its inventory and found that the inventory had appreciated above its book value of 19 million euros. According to the company's management, the inventory was undervalued by 9 million euros. Prepare the journal entry to revalue the company's inventory. How would the revaluation immediately affect the company's (a) current ratio, (b) inventory turnover, and (c) days' sales in inventory?

Enter answers in million euros.

General Journal
Description	Debit	Credit
Inventory or Asset Revaluation Reserve?
Inventory or Asset Revaluation Reserve?

To record re-evaluation of inventory.

a. Current ratio Increase or Decrease?

b. Inventory turnover Increase or Decrease?

c. Days' sales in inventory Increase or Decrease?