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Audit accounting Please show your work Use the following information: Mean book value of items in...

Audit accounting

Please show your work

  • Use the following information:

Mean book value of items in the sample: $ 32

Mean audited value of items in sample: $ 31

Mean book value of items in population: $ 33

Number of items in population: 10,000

The total book value of this population is:

  • Use the following information:

Mean book value of items in sample: $ 32

Mean audited value of items in sample: $ 31

Mean book value of items in population: $ 33

Number of items in population: 10,000

Using the mean-per-unit estimation, the estimated total audited value is:

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Homework Answers

Answer #1

1. Total Book Value of this population = Mean book value of items in population * Number of times in population

Information given -

Mean Book value of items in population = $33

Number of items in population = 10,000

Total Book Value of this population = $33 * 10,000 = $330000

2. Estimated total audited value = Mean audited book value of times in sample * Number of items in population

Information given -

Mean audited book value of items in sample = $31

Number of items in population = 10,000

Estimated total audited value = $310000

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