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Judah Inc. prepares its financial statements under IFRS. On December 31, 20X8, Judah has inventory of manufactured goods with a cost of $720,000. The estimated selling cost of that inventory is $50,000 and its market value is $740,000. By January 31, 20X9, none of the inventory has been sold but its market value has increased to $810,000. Selling costs remain the same. Which of the following entries is most likely permissible under IFRS? A. Write down inventory by $30,000 on December 31, 20X8 and write up inventory by $70,000 on January 31, 20X9. B. Make no adjustments to the valuation of inventory on either date. C. Write down inventory by $30,000 on December 31, 20X8 and write up inventory by $30,000 on January 31, 20X9. |