Problemusing difference estimation an auditor has taken a, Ask an Expert

Accounting

Problem:

Using difference estimation, an auditor has taken a sample of 200 from a population's 40,000 items; that population has a book value of $200,000. She found that in her sample the average audited value was $4.20, while the average book value was $5.20.

Required:

Question: What is the estimated total audited value of the population $160,000 or $200,000?

Note: Please provide through step by step calculations.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91165404

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