Select the necessary words from the list of possibilities to complete the following statements. 1. Inventories stored in public warehouses should be with the custodians. Tracing 2. for several days before and after year-end to recorded purchases is designed to test the proper cutoff of purchase transactions. 3. As a general rule, inventories are carried at the lower of 4. 5. To help ensure that the physical inventory is taken accurately and completely, early in the audit the auditors should participate in the of the count of physical inventory. Even though the auditors are unable to obtain evidence regarding the fairness of beginning inventories, they may still issue an unmodified opinion on the client's