Kyle Berry is using mean$-$per$-$unit estimation in the audit of Leonard's inventory balances. Leonard's inventory is recorded at $\backslash (\backslash$$ $240,000\backslash )$ and comprises $1,200$ different items. Berry determined a sample size of $120$ items and performed the appropriate substantive procedures. Based on this sample, he determined the following:

$```$

Average audited value $($per item$)$ $ $204$

Standard deviation of audited values $ $22$

$```$

A summary of some additional parameters estimated by Berry follow:

Required:

a$.$ What is Berry's estimate of the audited value of Leonard's inventory?

b$.$ Calculate the precision and precision interval for Leonard's inventory. Provide a brief description of the meaning of the precision interval.

c$.$ What is Berry's conclusion with respect to Leonard's inventory balance?

d$.$ Using a risk of incorrect acceptance of $(1)1$ percent and $(2)10$ percent, calculate the precision and the precision interval for Leonard's inventory. Required a

Required b

What is Berry's estimate of the audited value of Leonard's inver

$\backslash$$ $244,800$

Calculate the precision and precision interval for Leonard's inventory. Provide a brief de precision interval.

Note: Round to the nearest whole dollar. Required b

Required c

Required d

What is Berry's conclusion with respect to Leonard's inventory balance

fairly stated

Using a risk of incorrect acceptance of $(1)1$ percent and $(2)10$ percent, calculate the precision and the precision interval for Leonard's inventory.

Note: Round to the nearest whole dollar.