PARTS OF THE AUDIT OF INVENTORY raster Acquire and Ship goods Assets Record raw and MaterialS, Ind Record Costs Labor and Revenue Overhead and Costs Physically Price and Observe Compile Inventory Inventory Arens, Loebbecke, Auditing, &E @2000 by Prentice Hall. Inc.Arens, Loebbecke; Auditing, 8/E ©2000 by Prentice Hall, Inc. PARTS OF THE AUDIT OF INVENTORY Acquire and Record Raw Materials, Labor, and Overhead Transfer Assets and Costs Ship Goods and Record Revenue and Costs Physically Observe Inventory Price and Compile Inventory