You have been asked to complete some of the planned audit procedures for inventory. Your senior has provided you with a section of the audit program to test. These procedures primarily relate to analytical procedures over inventory. You may expand your testing to perform additional procedures if you deem those necessary based on the results of your analyses. LFI has provided the LFI's financial statements for 20X7 (unaudited) and 20X6 (audited). Planning materiality for the audit has been set at $1,000,000. Performance materiality is $750,000, and the clearly trivial threshold is $50,000. In addition, the inventory manager of LFI Furniture, Sammy C. Hawke, has provided the inventory listing (in Excel), which has the details related to inventory and has offered to be a point of contact if you have any questions regarding the inventory values