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MrsSmitty MrsSmitty
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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.
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Auditing and Assurance Services


Edition: 17th
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pipi123pipi123
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LIFO must be used for work-in-process inventory.

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