The tests of controls for inventory records would include the following procedures.

A. Existence.

B. Rights.

C. Completeness.

D. Valuation.

E. Presentation and disclosure.

For each of the procedures, place the letter of the correct PCAOB assertion(s). Only one letter per procedure should be used.

1. Trace a sample of sales invoices to perpetual inventory record entry of issue.

2. Select a sample of inventory item from perpetual records and vouch additions to receiving reports.

3. Select a sample of shipping documents and review the accounting summary of the quantities and prices.

4. Trace posting of sample of sales invoices to amounts in general ledger.

5. Review the appropriateness of standard costs to price inventory issues and cost of goods sold.