You are testing the inventory finished goods for a manufacturing client. You want to perform testing to get comfortable with both price and quantity of the inventory in the subledger file.

1.) To test the quantity, explain briefly the two directions of inventory test counts performed in a physical inventory observation, including which assertions they help to achieve.

2.) To test the price, what type of supporting documentation (schedules, populations, and corroborating evidence) would you request from your client to perform the test? (List at least 3)

3.) What other audit procedures/evaluations besides the above price and quantity testing would you need to perform to test for the Valuation assertion?