CASE REQUIREMENTS 1. Based on information contained in the cases and an analysis of the balance sheet and income statement for The Bargain Cart, suggest three potential bases and percentage ranges for each base that you believe should be considered to use in establishing planning materiality for The Bargain Cart. Provide rationale for why financial statement users might emphasize the suggested bases and why higher or lower percentages for each range might be selected. 2, Conduct research on your three potential base and range combinations by examining The Bargain Carts international competitor, Tesco (see Case Appendix for financial statemen ts), and conduct external research to identify whether there is any guidance that might help you in selecting an appropriate base and percentage for the current year to use as planning materiality 3, Based on your analyses, conclude what you believe is the best approach in planning materiality for the 2073 audit engagement for the Bargain Cart. Carefully document your recommendation using arguments that you believe would be most defensible to internal and external stakeholders leg, partners, internal quality review teams, external regulators like the PCAOB and SEC, judicial stakeholders like iudges and juries, and the media}. 4. For the benefit of enhancing audit efciency during the engagement, discuss tolerable misstatement and various ways that it can be determined. Discuss strengths and weaknesses of different approaches