Hemaining w 36 minutes, 18 seconds. Lethanatofthere Question Completion Status: Questions 10 points The management of Rex Company Limited an electronics retailer, has reported its income for the first two quarters of 2019/20 as follows: Quarter 1 - $2,100,000 Quarter 2 - $2,500,000 As the current auditor of the company, you are assigned the responsibility of estimating the overall establishing materiality for Rex. Company. The following points are relevant Based on historical trends the client has a 5.7% decline in profits from the 2nd quarter to the 3rd quarter. . However, you are aware that Quarter 4 may well achieve an increase of 18 over Quarter The overall materiality is 2.5 of annual profit before tax All figures are before tax Required Determine the amount of overall materiality for Rex Company for the audit based on these preliminary amounts [mars Hemaining w 36 minutes, 18 seconds. Lethanatofthere Question Completion Status: Questions 10 points The management of Rex Company Limited an electronics retailer, has reported its income for the first two quarters of 2019/20 as follows: Quarter 1 - $2,100,000 Quarter 2 - $2,500,000 As the current auditor of the company, you are assigned the responsibility of estimating the overall establishing materiality for Rex. Company. The following points are relevant Based on historical trends the client has a 5.7% decline in profits from the 2nd quarter to the 3rd quarter. . However, you are aware that Quarter 4 may well achieve an increase of 18 over Quarter The overall materiality is 2.5 of annual profit before tax All figures are before tax Required Determine the amount of overall materiality for Rex Company for the audit based on these preliminary amounts [mars