Monetary-Unit-Sampling Problem You work for a top-notch audit firm, Foreman & Griswold LLP. You have been assigned to audit accounts receivable at FMG Sporting Goods. You will be auditing accounts receivable using the monetary unit sampling method. The account balance is $7,000,000. Tolerable misstatement = $420,000 Expected misstatement = $52,500 Risk of incorrect acceptance = 5% a. Calculate the sample size. b. Calculate the sampling interval. c. You have identified the following errors during your testing. Calculate the upper misstatement limit. 1 Misstatement # Book Value Audit Value $5,000 $0 2 $25,000 $20,000 $105,000 $95,000 4 $12,000 $8,000 3 d. After assessing the test results, what is your conclusion? Monetary-Unit-Sampling Problem You work for a top-notch audit firm, Foreman & Griswold LLP. You have been assigned to audit accounts receivable at FMG Sporting Goods. You will be auditing accounts receivable using the monetary unit sampling method. The account balance is $7,000,000. Tolerable misstatement = $420,000 Expected misstatement = $52,500 Risk of incorrect acceptance = 5% a. Calculate the sample size. b. Calculate the sampling interval. c. You have identified the following errors during your testing. Calculate the upper misstatement limit. 1 Misstatement # Book Value Audit Value $5,000 $0 2 $25,000 $20,000 $105,000 $95,000 4 $12,000 $8,000 3 d. After assessing the test results, what is your conclusion