Question: Please help with problem 3.59. Thanks! 3.59 Materiality calculations. Materiality is ultimately a matter of professional judgment. However, during the planning process auditors make a

Please help with problem 3.59. Thanks!

3.59 Materiality calculations. Materiality is ultimately a matter of professional judgment. However, during the planning process auditors make a calculation of preliminary materiality based on a benchmark or rule of thumb. Required: FastFix is an online retail company that sells a variety of products including groceries, clothing, toys, and home decor and promises delivery within 5 days. The table below has select financial data from 2022, 2023, and 2024. Using this information, calculate overall preliminary materiality using the following rules of thumb: - 5% of profit before tax - 1/2% of revenues - 1% of total assets FastFix Select Financial Data (in millions) Which of these do you think is most appropriate to use for FastFix for 2022, 2023, and 2024 , and why

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