Inventory Substantive Tests

Inventory Balance as at 31 December 2021 - $560,000

Inventory

Raw Material $250,000

Work in Process $160,000
Finished Goods $150,000

Inventory Count
Before

During

After

1. Existence

2. Completeness

3. Rights and Obligations

4. Cut Off

5. Accuracy, Valuation and Allocation

a) Cost of Raw Material
b) Work in Process

c) NRV