how would the dollar amount of inventory in the balance sheet be affected in the first and fourth…

An inventory loss from a market decline occurred in the first quarter that was not expected to be restored in the fiscal year. For interim financial reporting purposes, how would the dollar amount of inventory in the balance sheet be affected in the first and fourth quarters?

First Quarter

Fourth Quarter

a. Decrease

No effect

b. Decrease

Increase

c. No effect

Decrease

d. No effect

No effect

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