[The following information applies to the questions displayed below.]PopulationSize = 10,000 items
Book value = $8,000,000
Tolerable misstatement = $300,000
SampleSize = 100 items.
Average book value of sample items = $795
Allowance for sampling risk = $220,000
Projected misstatement = $100,000 overstatement
The estimated total audited value of the population equals:
A. $7,950,000.
B. $7,780,000.
C. $7,680,000.
D. $7,900,000.
Answer: D
Business
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