7 You are the lead auditor for the audit of the Marion Corporation. The Marion Corporation has the following financial data, Income Before Income Taxes Total Assets Total Revenues $5,000,000 $80,000,000 $40,000,000 I Benchmark Income Before Income Taxes Total Assets Total Revenues Percentages 3% - 10% 1% -2% 1% - 5% Decimals 03 10 01 02 01 05 Required: A Develop an overall materiality estimate using any one of the three benchmarks B The audit uncovered a misstatement of $80,000. Is this misstatement quantitatively material? Explain your answer. Use complete sentences