The client has $1,156,250 of total recorded receivables, composed of 2,000 accounts. The auditors have decided to use structured nonstatistical sampling and have determined the following: Tolerable misstatement: $50,000 Assessment of inherent and control risk: Moderate Risk related to other substantive procedures: Moderate Please refer to the chart below: Risk that other Substantive Procedures will fail to detect a Material Misstatement 1. Calculate the required sample size. 2. Assume that the auditors have tested the sample and discovered three misstatements: The remainder of the sample had an average value (book and audited) of $506. a. Calculate the projected misstatement of the population. b. Use the results (projected misstatement of the population) to come to a conclusion about whether to "accept" or "reject" the population