Question

What general ledger accounts are affected by a change in inventory valuation?

Answer 1

General ledger accounts which are affected by a change in inventory valuation are inventory account and inventory change account.

For example

Year end Inventory value $25000 but in ledger account debit balance is $20000 so adjusting entry will be Debit Inventory account by $5000 and Credit inventory change account by $5000

Now let's take another example where inventory is decreased  

Year end value of inventory $20000 and debit balance in ledger is $25000 now inventory account will be credited by $5000 and inventory change will be debited by $5000.

So whether there is any increase or decrease resulting from valuation only these two accounts will be affected.