In which of the following circumstances would an inventory write down be recognised or reversed?

When inventory is damaged or has become obsolete and can no longer be used

When prices of specific raw materials have declined but the prices of the related finished product remain above its cost to complete

When the selling price less the selling costs of a finished product (NRV) is less than its carrying value

When, at year-end, a company anticipates that market prices will recover for inventory that is currently carried at net realisable value

None of the above