Following are errors, frauds, or other circumstances that an auditor might encounter as a result of applying year end substantive tests of details to inventory as of December 31, 1999:

a. Perpetual inventory records for selected products are not accurate.

b. A material amount of inventory is held in several public warehouses throughout the Midwest.

c. Unit prices for selected products on the final priced inventory appear low; the client uses the first-in, first-out cost flow assumption.

d. The final priced inventory reflects quantities from the perpetual inventory records.

e. Goods were received on December 31, but not recorded until January 2, 2000.

f. The client has begun to lag behind competitors in market share; the client is in the computer industry.

Required: 

For each of the above items, indicate: 

(1) a specific substantive test or tests that might address the error, fraud, or circumstance, 

(2) the financial statement assertion addressed by each test.