An auditor’s observation of physical inventories at year-end would provide direct evidence to support which of the following objectives? • Accuracy of the priced out inventories • Identification of obsolete or damaged merchandise to evaluate allowance for obsolescence • Determination of goods on consignment at another location

An auditor’s observation of physical inventories at year-end would provide direct evidence to support which of the following objectives?

·        Accuracy of the priced out inventories

·        Identification of obsolete or damaged merchandise to evaluate allowance for obsolescence

·        Determination of goods on consignment at another location

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