DC 3 Projected Likely Misstatement.When Marge Simpson. PA, audited the Candle Company inventory. a random sample of inventory types was chosen for physical observation and price testing. The sample size was 80 different types of candles and candle-making inventory. The entire inventory contained 1,740 types, and the amount in the inventory control account was $166,000. Simpson had already decided that a misstatement of as much as $6,000 in the account would not be material. The audit work revealed the following eight errors in the sample of 80. Book Value Audit Value Error Amount $ 600.00 $ 622.00 $ 22.00 15.50 14.50 (1.00) 65.25 31.50 (33.75) 83.44 53.45 (29.99) 16.78 15.63 (1.15) 78.33 12.50 (65.83) 13.33 14.22 $.89 93.87 39.87 (54.00) $ 966.50 $ 803.67 $ (162.83) NOTE: The negative difference indicates overstatement of the recorded amount. Required: 1. Calculate the projected likely misstatement using the difference method