X * Document in Interpreting results and drawing conclusions 20201120 (1) - Excel e Window AutoSave O Off) Search Home Insert Design Layout References Mailings Review View Help Share Comments D F G H J K L M N O P Q R S T B C E U - A 1 A W N - An auditor performed a random sample to test inventories for valuation. Several iten were determined to be either incorrect [regarding price or quantity or both]. The two-sided 90% confidence interval on the estimated overstatement was as follow LOWER CONF. LIMIT: $(403,000) LD 00 UPPER CONF. LIMIT: $970,000 10 The maximum tolerable misstatement is $500,000. 11 12 a. Illustrate the results by sketching them on a 1-dimensional line, giving amount 13 b. Describe those results in words [i.e., verbally]. c. What do these results imply regarding internal controls over inventory? 14 15 16 17 18 19 a. 20 21 22 23 24 b. 25 26 Read Me 1 2 + + 100% 3:14 PM Type here to search O P X 11/24/2020