Following are data for four different audit populations to which variables sampling will be applied: Required:
Question:
Following are data for four different audit populations to which variables sampling will be applied:
Required:
Calculate sample size for each population. Assume sampling without replacement and do not ignore the finite population correction factor.
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Acceptable risk of incorrect rejection Acceptable risk of incorrect acceptance Population size Estimated population standard deviation Tolerable error Population 1 2 3 4 .10 .05 .05 .01 .20 .10 .25 .05 2,500 3,000 2,750 2,100 $20 $12 $10 $15 $8,750 $6,200 $7,000 $9,000
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