Select the necessary words from the list of possibilities to complete the following statements.

$\backslash$table$[[1.,$Inventories stored in public warehouses should be$,],[2.,$As a general rule, inventories are carried at the lower of$,],[3.,\backslash$table$[[$Tracing for several days before and after year$-$end to recorded purchases is designed to test$],[$the proper cutoff of purchase transactions.$]],],[4.,\backslash$table$[[$The auditors' review of purchase invoices is generally performed in connection with tests of the$],[$of the inventories.$]],],[5.,\backslash$table$[[$To help ensure that the physical inventory is taken accurately and completely, early in the audit the auditors$],[$should participate in the$]],]]$