While the auditor was planning for the annual financial statement audit of Ghost Bicycle Inc., management mentioned that one of the most popular bicycle models had to be renamed, due to the name being the same as an unpopular villain of a new science fiction show. During the inventory count, the auditor noticed that there were $30$ discontinued bicycles with the old name sitting in the corner of the warehouse. The warehouse manager told the auditor that the bicycles were slowly being sold at a steep discount, and would be gone by next year.

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Which one of the following audit procedures BEST addresses the risk associated with these discontinued bicycles?

Question $9$ options:

$1)$

Compare recent sales invoices for the discontinued bicycles to the cost of the bicycles on the purchase invoices.

$2)$

Agree the number of discontinued bicycles in the warehouse to the number of bicycles recorded in the general ledger.

$3)$

Verify the replacement cost of the discontinued bicycles to the manufacture's price list.

$4)$

Select a sample of discontinued bicycles from the inventory listing and vouch to the purchase invoice, shipping receipt documentation, and payment to the supplier.$$