You are completing your audit of LTC Ltd, an importer of cell phones from Taiwan. Total sales
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Question:
You are completing your audit of LTC Ltd, an importer of cell phones from Taiwan. Total sales this year were $54,000,000. The results of your audit work on inventory are summarized in the following table:
Required Using the monetary unit method, calculate the projected inventory error, and, assess it against materiality. |
Expert Answer:
Answer rating: 100% (QA)
Step 1 Computation of Percentage Error The amount of errors found in the sample is divided over by t... View the full answer
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