Question 7 2 pts Which of the following statements does not accurately describe the effects of a writedown of inventory on December 31 using the lower of cost or net realizable value (LCM) valuation method? The current year gross profit decreases. O The subsequent year cost of goods sold is effectively decreased if the inventory was sold during 2018. 0 The current year ending inventory is decreased, O The subsequent gross profit is not affected when the inventory was sold during 2018