Auditing the Valuation Assertion for Inventory of a Client Utilizing

Multiple Choice

Auditing the valuation assertion for inventory of a client utilizing the FIFO cost flow assumption will require the auditor to examine

A) invoices representing the more recent purchases of inventory.
B) invoices representing the purchase of base year inventory in the year of inception.
C) shipping documents for a sample of cost of goods sold transactions during the year.
D) shipping documents for a sample of units on hand in the interim period.