In standard Costing - How could we account the Variance for the below scenario?

Summary:

Content (required): Day1: Receive the item for 1000 qty with a standard cost of 1 USD/unit. so the inventory valuation accounting is:

Qty Cost Entry

1000 1 1000 Dr

Day2: Depletion of the item for 500 qty with a standard cost of 1.1 usd/unit.

so the inventory valuation accounting is:

Qty        Cost         Entry

1000         1          550 Cr

Day n: Standard cost changes to 1.2 usd/unit

So the inventory value (from valuation report) is 500*1.2 = 600 USD

But the trial balance shows 1000-550 = 450.

How would businesses report the inventory balance in this scenario (considering Day n is the cut-off date to report financial results)

Version (include the version you are using, if applicable): 22C