Remaining time: 36 minutes, 18 seconds. La of their 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 201920 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 Hex 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 & may well achieve an increase of 18% over Quarter 3 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 to make Remaining time: 36 minutes, 18 seconds. La of their 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 201920 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 Hex 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 & may well achieve an increase of 18% over Quarter 3 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 to make