1. The auditors have sampled 100 accounts from a population of 2,000 accounts receivable. The sample items have a mean book value of $300 and a mean audit value of $302. The book value in the population is $601,000. What is the estimated audited value of the population using the mean-per-unit method?

a)

$600,000

b)

$601,000

c)

$604,000

d)

$605,000

2. The auditors have sampled 100 accounts from a population of 2,000 accounts receivable. The sample items have a mean book value of $300 and a mean audit value of $302. The book value in the population is $601,000. What is the estimated total audited value of the population using the difference method?

a)

$600,000

b)

$601,000

c)

$604,000

d)

$605,000