Maurice Tutor

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Category > Accounting Posted 11 Aug 2017 My Price 11.00

Cusick Machine Tool Company

McMullen and Mulligan, CPAs, were conducting the audit of Cusick Machine Tool Company for the year ended December 31. Jim Sigmund, senior-in-charge of the audit, plans to use MUS to audit Cusick's inventory account. The balance at December 31 was $9,000,000.

 

Required:
a.

Based on the following information, compute the required MUS sample size using Table 8-5: (Use the tables, not ACL, to solve for these problems. Round your interval answers to the nearest dollar amount. Omit the "$" sign in your response.)
   
  Tolerable misstatement = $360,000
  Expected misstatement = $90,000
  Risk of incorrect acceptance = 5%
  Using table 8-5
Sample size  
Sampling interval $

 

b.

Nancy Van Pelt, staff accountant, used the sample items selected in part (a) and performed the audit procedures listed in the inventory audit program. She notes the following misstatements using Table 8-5, Table 9-3: (Use the tables, not ACL, to solve for these problems. Do not round intermediate calculations. Round your answers to the nearest dollar amount. Omit the "$" sign in your response.)

 

Misstatement Number Book Value Audit Value  
1 $ 10,000 $ 7,500  
2   9,000   6,000  
3   60,000   0  
4   800   640  

 

Using this information, calculate the upper misstatement limit. What conclusion should Van Pelt make concerning the inventory?

 

   
UML using the table 8-5 $

 

c.

Assume that, in addition to the four misstatements identified in part (b), Van Pelt had identified the following two understatements: (Use the tables, not ACL, to solve for these problems. Negative amounts should be indicated with minus sign. Round your intermediate calculations to 3 decimal places. Omit the "$" sign in your response.)

 

Misstatement Number Book Value Audit Value  
5 $ 6,000 $ 6,500  
6   750   800  
  Calculate the net projected population misstatement.

 

   
Net Projected Misstatement $

 

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Aug 2017 09:08 PM My Price 11.00

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