Problem

Periodic or cycle counts of selected inventory items are made at various times during the...

Periodic or cycle counts of selected inventory items are made at various times during the year rather than during a single inventory count at year-end. Which of the following is necessary if the auditor plans to observe inventories at interim dates? 

A. Complete recounts by independent teams are performed.

B. Perpetual inventory records are maintained.

C. Unit cost records are integrated with production accounting records.

D. Inventory balances are rarely at low levels.

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