Question: The following information relates to a non-statistical sample used for a price test of inventory: Required a. What is the best estimate of the total

The following information relates to a non-statistical sample used for a price test of inventory:

Required
a. What is the best estimate of the total misstatement?
b. Are these results acceptable assuming tolerable misstatement is $15,000? Explain.
c. If the results are not acceptable, what possible courses of action can the auditortake?

Population Sample Misstatement $1,000 $1,600 Number Amount $1,600,000 200 1500,000 20 Number Amount $30,000

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