Existence: Inventory reported on the balance sheet really exists at the reportingdate. Valuation and Allocation: Inventory balances truly reflect their actual economicvalue as at reporting date. Completeness: All Inventory transactions that should have been recorded have beenrecorded. Rights and obligations: The client has ownership rights for inventory as of thereporting date. Using your accounting and auditing knowledge about inventory, design an auditprocedure to gather audit evidence for: a$)$Existence of Inventory$(3$ marks$)$ b$)$ Valuation of Inventory $(3$ marks$)$ c$)$Completeness of Inventory $(3$ marks$)$ d$)$ Rights to Inventory $(3$ marks$)$ Overall quality of discussion $(1$ mark$)$