You have been assigned to the audit of Hogeye Manufacturing Company as of December 31, 19X8. Hogeye maintains its raw material inventory on a FIFO basis. The balance at December \(31,19 X 8\) was \(\$ 216,385\). In performing the raw material inventory price test, you prepared an audit working paper that included the following items to which you wish to give further attention.

Other raw material items included in your sample and price tested with no exception total \(\$ 53,118\).
Required:

a. Determine the amount of pricing misstatement in the sample.

b. Project the sample results to the population.

c. Discuss any of the preceding items you would investigate further and describe what revisions you would suggest to the format of the preceding audit schedule.

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Per books Item Price Quantity Price Springs $1.15 1.037 $1.11 5.000 Per vendor invoices Quantity Date received 11-3-X8 Clips .52 3,816 0.52 4,000 1-6-X9 0.40 4.000 10-14-X8 Bars 2.50 11,509 2.50 5,000 11-18-X8 2.05 7,000 10-31-X8 Paint 5.05 619 5.05 750 1-13-X7 Tin 8.13 7,616 3.15 10.000 8-20-X8