You are completing your audit of LTC Ltd, an importer of cell phones from Taiwan. Total sales

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You are completing your audit of LTC Ltd, an importer of cell phones from Taiwan. Total sales this year were $54,000,000. The results of your audit work on inventory are summarized in the following table:

Description	# of SKU’s	$ Value
Population	120	$5,200,000
Sample	30	$2,080,000
Errors found	5	$177,000

Required

Using the monetary unit method, calculate the projected inventory error, and, assess it against materiality.

Posted Date: Oct 18, 2021 11:50 PM

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You are completing your audit of LTC Ltd, an importer of cell phones from Taiwan. Total sales

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Step 1 Computation of Percentage Error The amount of errors found in the sample is divided over by t... View the full answer

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