The following are the differences between recorded and audited amounts for ABC Inc.. What is the amount of each misstatement and the percentage differences? Fill in the blanks. Recorded Audited Item Misstatement % (3 decimal places) Amount Amount 1 637.00 673.00 2 591.00 590.00 3 850.00 875.00 4 1200.00 1020.00 5 745.00 547.00 Overstatements Time Remaining: 01:22:09 A Hide Time Remaining A 0 1 1,200,000 2 1,200,000 3 1,200,000 Initial overstatement bound Understatements 0 1,200,000 1 1,200.000 2 1,200.000 Initial understatement Activate Wind Go to Settings to bound Using the data from previous problems, what are the adjusted overstatement and understatement bounds? Point Estimate Number of Misstatements Misstatement Unit Error Sample Recorded Assumption Size Population Bounds Initial overstatement bound Understatement misstatements 1 60 1,200,000 2 60 1,200,000 Sum Adjusted overstatement bound Sample Point Estimate Number of Misstatements Misstatement Unit Error Assumption Recorded Population Vind Bounds Go to Settiros to Size Initial Number of Misstatements Misstatement Unit Error Assumption Point Estimate Sample Size Bounds Recorded Population Initial understatement bound Overstatement misstatements 1 60 1,200,000 2 60 1,200,000 3 60 1.200.000 Sum Adjusted understatement bound Are the book values from the previous questions materially misstated. Why or why not? Maximum number of characters (including HTML tags added by text editor): 32,000 Show Rich-Text Editor (and character count) The following decisions about the audit of inventory for ABC Inc. have been determined by the partner-in-charge: Total recorded value $1,200,000 Materiality $100,000 Sample size 60 Average percent of error assumption - overstatements 50% Average percent of error assumption - understatements 50% Acceptable risk of incorrect acceptance 10% Required: Calculate the initial overstatement and understatement bounds. Use three decimal places. Use the appropriate sampling tables from th text book and fill in the blanks. Overstatements Upper Precision Limit Number of Misstatements Bound Portion Total Upper Precision Limit Recorded Misstatement Unit Error Value Assumption 1.200.000 0 Activate Windows Go to Settings to ativa 1 1,200,000