Question: Edwards has decided to use monetary-unit sampling in the audit of an entity's accounts receivable balance. Few, if any, misstatements of account balance overstatement are

Edwards has decided to use monetary-unit sampling in the audit of

Edwards has decided to use monetary-unit sampling in the audit of an entity's accounts receivable balance. Few, if any, misstatements of account balance overstatement are expected. Required: a. Select the statements that are true regarding the differences between monetary-unit sampling and classical variable sampling. b. Calculate the sample size and the sampling interval using Table 8-5, Edwards should use for the following information: Note: Use the tables, not IDEA, to solve for these problems. Round your interval answer to the nearest whole number. c. Calculate the UML using Table 9-3 assuming that the following three misstatements were discovered in testing based on the MUS sample computed in part b. Note: Use the tables, not IDEA, to solve for these problems. Do not round intermediate calculations. Round your answer to the nearest dollar amount

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