11-32 LO 8 Which of the following auditing procedures would be used
to test the valuation or allocation assertion for inventory?
a. Inquire of production and warehouse personnel about the exis- tence of obsolete inventory.
b. Test inventory cost by taking a sample of recorded inventory, and trace to source documents indicating cost of inventory.
c. Review trade journals for changes in product technology.
d. Inquire of the client about sales adjustments (markdowns) that have been offered to sell any products.
e. All of the above.