Author Question: In valuing inventory, the auditor must consider all but which of the following factors? (Read 35 times)

shivanipalawai@gmail.com · **on:** Aug 21, 2022

Question 1

If an auditor were concerned with obtaining evidence about the appropriateness of the value of inventory, which of the following tests would be most appropriate?
◦ compilation tests
◦ price tests
◦ confirmation of inventory held by outside parties
◦ physical examination of the inventory

Question 2

In valuing inventory, the auditor must consider all but which of the following factors?
◦ The valuation method must be in accordance with GAAP.
◦ The valuation method must be applied on a consistent basis.
◦ The inventory must be valued at the lower of cost or market.
◦ LIFO must be used for work-in-process inventory.

KobyRhoads · **Reply #1 on:** Aug 21, 2022

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