SCENARIO Retro Motorcycle Parts, Inc., a private company, received notice from its primary supplier on January 5, 20x1.that effective Immediately, all wholesale prices would be increased 15 percent. Based on this notice, Retro revalued its December 2010 inventory to reflect the higher costs. The inventory constituted a material proportion of total assets; however, the effect of the revaluation was material to current assets but not to total assets or net income. The increase in valuation is adequate d e in the footnotes. Type of Opinion; (Click to select) (Click to select) Introduction MGMT's Responsibility Click to select) Click to select) Auditor's Responsibility Click to select) Scope Click to select) Opinion (Click to select) Explanatory SCENARIO Retro Motorcycle Parts, Inc., a private company, received notice from its primary supplier on January 5, 20x1.that effective Immediately, all wholesale prices would be increased 15 percent. Based on this notice, Retro revalued its December 2010 inventory to reflect the higher costs. The inventory constituted a material proportion of total assets; however, the effect of the revaluation was material to current assets but not to total assets or net income. The increase in valuation is adequate d e in the footnotes. Type of Opinion; (Click to select) (Click to select) Introduction MGMT's Responsibility Click to select) Click to select) Auditor's Responsibility Click to select) Scope Click to select) Opinion (Click to select) Explanatory