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Which of the following statements is true in respect of the financial statement assertions relating to inventory and work-in-progress? A. The auditor is not required to consider opening inventory in the audit of financial statements for a particular period. B. If opening inventory and work-in-progress are overstated, the net profit percentage will be overstated and the current ratio will be understated. C. Auditors are not required to consider the risk of the understatement of inventory and work-in-progress as the risk in relation to inventories and work-in-progress is always the risk of overstatement. D. If closing inventory and work-in-progress are understated, the inventory turnover ratio will be overstated and the number of days in inventory will be understated. E. If closing inventory and work-in-progress are overstated, the gross profit percentage will be overstated and the total of the net assets will be overstated. |