Quiz 3: Procedures to complete prior to physical count

1.

Obtain the inventory listing by location, product, quantity, and unit cost.

2.

Determine which inventory locations are material individually or in the aggregate.

3. 
   

Understand management's inventory-count instructions and count methodology.

4.

Review inventory movement procedures during the count.

5.

Identify high-value, slow-moving, damaged, and unusual inventory items.

6.

Determine whether inventory is held at third-party warehouses or on consignment.

7.

Plan test counts in both directions: physical inventory to listing and listing to physical inventory.

8.

Obtain information about the last and first receiving, shipping, and production documents around the count date.