In Valuing Inventory, the Auditor Must Consider All but Which

question 114

Multiple Choice

In valuing inventory, the auditor must consider all but which of the following factors?

• A) The valuation method must be in accordance with GAAP.
• B) The valuation method must be applied on a consistent basis.
• C) The inventory must be valued at the lower of cost or market.
• D) LIFO must be used for work-in-process inventory.

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