Question: Materiality calculation - continuing with our JB Hifi example, given the following information - calculate the materiality for the entity. You should type in your

Materiality calculation - continuing with our JB Hifi example, given the following information - calculate the materiality for the entity. You should type in your response without any dollar signs, commas to the nearest dollar (no cents) Revenue: $4,941,200,000 Net profit: $317,700,000 Total assets: $3,824,300,000 Total equity: $1,318,000,000 The audit team has determined that the overall risk of misstatement is LOW. You should use the materiality ranges below: Revenue: 0.5% to 1.0% Net profit: 5% to 7% Total assets: 1% to 3% Total equity: 3% to 5%

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