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Which of the following is NOT an appropriate substantive procedure on inventory for respective management assertion? 1. Valuation and allocation - Perform 'lower of

Which of the following is NOT an appropriate substantive procedure on inventory for respective management assertion? 1. Valuation and allocation - Perform 'lower of cost or NRV' tests. 2. Completeness - Observe client's physical count. 3. Existence - Observe client's physical count. O4. Rights and obligations - Examine if the pricing method has been applied consistently.

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