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decrease in the first quarter by the amount of the market price decline and increase 606431

An inventory loss from a market price decline occurred in the first quarter. The loss was not expected to be restored in the fiscal year. However, in the third quarter the inventory had a market price recovery that exceeded the market decline that occurred in the first quarter. For interim financial reporting, the dollar amount of net inventory should

  1. Decrease in the first quarter by the amount of the market price decline and increase in the third quarter by the amount of the market price recovery.
  2. Decrease in the first quarter by the amount of the market price decline and increase in the third quarter by the amount of decrease in the first quarter.
  3. Not be affected in the first quarter and increase in the third quarter by the amount of the market price recovery that exceeded the amount of the market price decline.
  4. Not be affected in either the first quarter or the third quarter.

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