A B Function: SUM; Formula: Multiply, Divide, Subtract; Cell Referencing Chapter $3$ Cloud $9.$ Using Excel to Perform Materiality Planning PROBLEM W S Partners has just won the January $31,2026,$ audit for Cloud $9.$ As a part of the risk assessment phase for the new audit, the audit team needs to gain an understanding of Cloud $9\text{'}$s structure and its business environment, determine materiality, and assess the risk of material misstatement. This will assist the team in developing an audit strategy and designing the nature, extent, and timing of audit procedures. The trial balance at October $31,2025$ is provided here. Cloud $9$ Trial Balance as of October $31,2025[[,$Debit,Credit,$],[$Cash and cash equivalents,$13,446,154,,],[$Accounts receivable,$70,485,625,,],[$Allowance for doubtful accounts,,,$704,856],[$Inventory$,55,100,000,,],[$Investments $($derivatives$),13,419,231,,],[$Deferred income taxes $($current$),2,857,692,,],[$Prepaid expenses and other current assets,$9,265,385,,],[$Property$,$ plant, and equipment,$103,803,846,,],[$Accumulated depreciation,,$39,761,538,]]$ Identifiable intangible assets and goodwill $3,723,007$ Accumulated amortization Deferred income taxes and other assets $($noncurrent$)9,557,692$ Current portion of long$-$term debt $2,115,385$ Notes payable $21,376,923[[$Accounts payable,$14,986,457$