The inventory of Zeek Company is being audited by Baltik CPA, on a sample basis. Baltik audited a sample of 120 items and found a net overstatement of $600. The audited sample had a recorded value of $12,000. The entire inventory contained 2,400 items with a total book value of $280,000. The projected likely overstatement using the average difference method is 1) $56,000 2) $48,000 3) $12,000 4) $14,000