Question: Explain the procedures the auditor would use to verify the cost of inventory, assuming the client uses the following valuation approaches: a. FIFO valuation on

Explain the procedures the auditor would use to verify the cost of inventory, assuming the client uses the following valuation approaches:
a. FIFO valuation on a periodic inventory basis
b. LIFO based on an index of FIFO cost computed each year and then used to adjust the inventory to LIFO
c. Average cost on a perpetual inventory basis

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