Assume you have selected a sample of 100 items randomly. For each sample item, audit tests are performed to make sure that physical count is correct, the pricing is accurate, and the extensions of unit price and quantity are correct. The results are sumr as follows: Inventory Tag Number 6 42 46 51 55 56 851 854 857 862 Total Book Value $ 100 85 120 420 18 10 25 152 85 76 $ 10,147 Required A Required B Audit Value $ 100 85 120 450 18 10 Mean Misstatement per sampling item Projected population misstatement Confidence bound Confidence interval 25 150 85 86 $ 9,666 Audit Difference $0 0 0 (30) 0 0 0 2 0 (10) $481 Squared Audit Difference $0 0 DO to 0 900 0 There were 50 differences, making up the net difference of $481. The recorded total of the entity's inventory sheets is $97,500 Required: a. Determine the results of the audit tests using a desired confidence level of 90 percent. Use Table 9-6. b. Indicate whether the evidence supports the fair presentation of the inventory account. 0 4 0 100 $ 8,895 Determ