The following decisions about the audit of inventory for ABC Inc. have been determined by the partner-in-charge:

Total recorded value	$1,200,000
Materiality	$100,000
Sample size	60
Average percent of error assumption - overstatements	50%
Average percent of error assumption - understatements	50%
Acceptable risk of incorrect acceptance	10%

what are the adjusted overstatement and understatement bounds?

Number of Misstatements	Misstatement Unit Error Assumption	Sample Size	Recorded Population	Point Estimate	Bounds
Initial overstatement bound					Blank 1. Fill in the blank, read surrounding text.
Understatement misstatements
1	Blank 2. Fill in the blank, read surrounding text.	60	1,200,000	Blank 3. Fill in the blank, read surrounding text.	Blank 4. Fill in the blank, read surrounding text.
2	Blank 5. Fill in the blank, read surrounding text.	60	1,200,000	Blank 6. Fill in the blank, read surrounding text.	Blank 7. Fill in the blank, read surrounding text.
Sum					Blank 8. Fill in the blank, read surrounding text.
Adjusted overstatement bound				5 marks	Blank 9. Fill in the blank, read surrounding text.

Number of Misstatements	Misstatement Unit Error Assumption	Sample Size	Recorded Population	Point Estimate	Bounds
Initial understatement bound					Blank 10. Fill in the blank, read surrounding text.
Overstatement misstatements
1	Blank 11. Fill in the blank, read surrounding text.	60	1,200,000	Blank 12. Fill in the blank, read surrounding text.	Blank 13. Fill in the blank, read surrounding text.
2	Blank 14. Fill in the blank, read surrounding text.	60	1,200,000	Blank 15. Fill in the blank, read surrounding text.	Blank 16. Fill in the blank, read surrounding text.
3	Blank 17. Fill in the blank, read surrounding text.	60	1,200,000	Blank 18. Fill in the blank, read surrounding text.	Blank 19. Fill in the blank, read surrounding text.
Sum					Blank 20. Fill in the blank, read surrounding text.
Adjusted understatement bound					Blank 21. Fill in the blank, read surrounding text.