An auditor is determining the appropriate sample size for testing inventory valuation using MUS. The population has3,140 inventory items valued at $19,325,000. The tolerable misstatement is $575,000 at a 10 percent ARIA. Nomisstatements are expected in the population. Calculate the preliminary sample size.Select the formula, then enter the amounts and calculate the sample size. (Abbreviation used: TM = tolerablemisstatement. Enter amounts in the formula to two decimal places, X.XX. Round the sample size up to the nearestwhole amount as needed.)(Click the icon to view the table for determining the confidence factor.)Confidence FactorTM as Percentage of Population Value==720PSample Sizey

The population has 3140 inventory items valued at $193255,000. The tolerable misstatement is…

Answered: An auditor is determining the…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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You want to obtain a sample to estimate a population proportion. At this point in time, you have no reasonable preliminary estimation for the population proportion. You would like to be 95% confident that you estimate is within 2% of the true population proportion. How large of a sample size is required?
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You want to obtain a sample to estimate a population proportion. At this point in time, you have no reasonable preliminary estimation for the population proportion. You would like to be 80% confident that you estimate is within 2% of the true population proportion. How large of a sample size is required?
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A local college cafeteria has a self-service soft ice cream machine. The cafeteria provides bowls that can hold up to 16 ounces of ice cream. The food service manager is interested in comparing the average amount of ice cream dispensed by male students to the average amount dispensed by female students. A measurement device was placed on the ice cream machine to determine the amounts dispensed. Random samples of 85 male and 78 female students who got ice cream were selected. The sample averages were 7.23 and 6.49 ounces for the male and female students, respectively. Assume that the population standard deviations are 1.22 and 1.17 ounces, respectively. Using the 1% significance level, can you conclude that the average amount of ice cream dispensed by male college students is larger than the average amount dispensed by female college students? What is the type of test to be used?
You want to obtain a sample to estimate a population proportion. At this point in time, you have no reasonable preliminary estimation for the population proportion. You would like to be 90% confident that you estimate is within 3.5% of the true population proportion. How large of a sample size is required?

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