please i need help with part 5 and 6. thank you

Question C10.1 is based on the following case. The data file needed to complete this case is avallable in Wiley Course Resources. Bob Downe is auditing Red Cedar Office Furniture (RCOF), a manufacturer of office furniture and custom cabinets. RCOF was founded 25 years ago by a husband-and-wife team and has grown rapidly in the last five years as solid, environmentally friendly wooden furniture has grown in popularity. The company has inventory consisting of raw materials, work in process, and finished goods with a book value of $6,719,028.95. You have been assigned the task of testing the accuracy of the final inventory compilation for RCOF. You may assume that you have separately observed the inventory and that you are satisfied that the inventory was accurately counted. However, you need to test that quantities were accurately transcribed to the final accumulation and valuation of inventory and that the inventory is correctly priced and accumulated. A file showing the client's accumulation of inventory is available in Wiley Course Resources. This case will guide you through the process of selecting a sample from the client's inventory. comparing audit values with book values, and drawing a conclusion about the fair presentation of inventory. C10.1 (LO 6) Challenging PPS sampling audit case Part 1. Determine the objectives of the test. You are auditing both quantities and pricing of the final inventory accumulation. a. Explain the assertions that you are testing. b. Explain the evidence that you would obtain to test those assertions. Part 2. Determine sample size based on the following judgments (round sample size to the nearest whole number). a. Tolerable misstatement is assessed at $325,000. b. The risk of incorrect acceptance is assessed at 37%. c. Expected misstatement is assessed at $100,000. d. Zero overstatements are expected. Whether the auditor user nonstatistical sampling of statistical sampling, the same basic tactorsed considered in determining sample size. Once the auditor has made professlonal judginents about these factors, the following formuta ts used to determine sample size in PFS sampling. n=TM(EMBF)BVRF where: BV = book valse of population tested RF= reliability factor for the specified risk of inconrect acceptance assuming zero oventatements (see the following table Reliability Factots for Overntatements) TM= tolerable misstatement EM = expected misutatement (see the subsequent table Expansion Factors for Expected Misstatementr) EF= expansion fictor for expected misstatement Document your determination of sample size. Dallahilitu Fartars for Overstatements Expansion Factors for Expected Misstatements viek of Inmonwe A Aowatanco. Part 3. Develop a scenario that supports the additor's conclusion that the approptlate rivk of incorrect acceptance is 37%. Part 4. Select a sample and apply audit procedures. Select the PPS sample using the sample size determined in Part 2 above. Choose your own random start based on the size of the sampling interval (each student should have a different random start). Determine the book value and audit value for each item in your unique sample. Document your sample, the book values, and the audit values. Part 5. Compute the upper misstatement limit (UML) for the sample you selected. Follow the procedures outlined in the chapter. You can use the Reliability Factors for Overstatements table to determine the factors for the UML. Document your calculation of UML Part 6. Evaluate your results both quantitatively and qualitatively, Develop both a statistical conclucior and an audit conclusion based on your sample. Document your conclusions about your imentory tests. Question C10.1 is based on the following case. The data file needed to complete this case is avallable in Wiley Course Resources. Bob Downe is auditing Red Cedar Office Furniture (RCOF), a manufacturer of office furniture and custom cabinets. RCOF was founded 25 years ago by a husband-and-wife team and has grown rapidly in the last five years as solid, environmentally friendly wooden furniture has grown in popularity. The company has inventory consisting of raw materials, work in process, and finished goods with a book value of $6,719,028.95. You have been assigned the task of testing the accuracy of the final inventory compilation for RCOF. You may assume that you have separately observed the inventory and that you are satisfied that the inventory was accurately counted. However, you need to test that quantities were accurately transcribed to the final accumulation and valuation of inventory and that the inventory is correctly priced and accumulated. A file showing the client's accumulation of inventory is available in Wiley Course Resources. This case will guide you through the process of selecting a sample from the client's inventory. comparing audit values with book values, and drawing a conclusion about the fair presentation of inventory. C10.1 (LO 6) Challenging PPS sampling audit case Part 1. Determine the objectives of the test. You are auditing both quantities and pricing of the final inventory accumulation. a. Explain the assertions that you are testing. b. Explain the evidence that you would obtain to test those assertions. Part 2. Determine sample size based on the following judgments (round sample size to the nearest whole number). a. Tolerable misstatement is assessed at $325,000. b. The risk of incorrect acceptance is assessed at 37%. c. Expected misstatement is assessed at $100,000. d. Zero overstatements are expected. Whether the auditor user nonstatistical sampling of statistical sampling, the same basic tactorsed considered in determining sample size. Once the auditor has made professlonal judginents about these factors, the following formuta ts used to determine sample size in PFS sampling. n=TM(EMBF)BVRF where: BV = book valse of population tested RF= reliability factor for the specified risk of inconrect acceptance assuming zero oventatements (see the following table Reliability Factots for Overntatements) TM= tolerable misstatement EM = expected misutatement (see the subsequent table Expansion Factors for Expected Misstatementr) EF= expansion fictor for expected misstatement Document your determination of sample size. Dallahilitu Fartars for Overstatements Expansion Factors for Expected Misstatements viek of Inmonwe A Aowatanco. Part 3. Develop a scenario that supports the additor's conclusion that the approptlate rivk of incorrect acceptance is 37%. Part 4. Select a sample and apply audit procedures. Select the PPS sample using the sample size determined in Part 2 above. Choose your own random start based on the size of the sampling interval (each student should have a different random start). Determine the book value and audit value for each item in your unique sample. Document your sample, the book values, and the audit values. Part 5. Compute the upper misstatement limit (UML) for the sample you selected. Follow the procedures outlined in the chapter. You can use the Reliability Factors for Overstatements table to determine the factors for the UML. Document your calculation of UML Part 6. Evaluate your results both quantitatively and qualitatively, Develop both a statistical conclucior and an audit conclusion based on your sample. Document your conclusions about your imentory tests