114" Based on past experience with a client, an auditor determined performance materiality for current assets should be calculated at 1/4 of total materiality (7% of total current assets) and noncurrent assets should be calculated at 1/3 of total materiality (4% of total noncurrent assets). Calculate performance materiality for current assets based on the following: Cash and cash equivalents Land Accounts receivable Prepaids Building Fixtures and equipment Inventory Leasehold improvements $900,000 200,000 150,000 150,000 400,000 500,000 100,000 100,000 O $22,750 0 $16,000 o $13,000 O $21,000