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At the fiscal year end before the company closes the book, the carrying value of inventory is $100. The original cost of the inventory is
At the fiscal year end before the company closes the book, the carrying value of inventory is $100. The original cost of the inventory is $110. The market value of the inventory is $120, which is the correct accounting treatment under IFRS (International Financial Reporting Standards)? Write up inventory by 20 . Write down inventory by 10. Nothing recorded Write up inventory by 10
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