Applying IFRS - LVMH is a Paris-based manufacturer of luxury goods that prepares its financial...
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Applying IFRS - LVMH is a Paris-based manufacturer of luxury goods that prepares its financial statements using IFRS. During the year, the management of the company undertook a review of the fair value of its inventory and found that the inventory had appreciated above its book value of 12 million euros. According to the companys management, the inventory was undervalued by 2 million euros. Prepare the journal entry to revalue the companys inventory. How would the revaluation immediately affect the companys (a) current ratio, (b) inventory turnover, and (c) days sales in inventory?
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