Can someone help with part 1 please? Thank you Question C10.1 is based on the following case. The data file needed to complete this case is available inWiley Course Resources.Bob Downe is auditing Red Cedar Office Furniture (RCOF), a manufacturer of office furniture andcustom cabinets. RCOF was founded 25 years ago by a husband-and-wife team and has grown rapidlyin the last five years as solid, environmentally friendly wooden furniture has grown in popularity. Thecompany has inventory consisting of raw materials, work in process, and finished goods with a bookvalue of $6,719,028.95.You have been assigned the task of testing the accuracy of the final inventory compilation for RCOF.You may assume that you have separately observed the inventory and that you are satisfied that the in-ventory was accurately counted. However, you need to test that quantities were accurately transcribedto the final accumulation and valuation of inventory and that the inventory is correctly priced and accu-mulated. A file showing the client's accumulation of inventory is available in Wiley Course Resources.This case will guide you through the process of selecting a sample from the client's inventory,comparing audit values with book values, and drawing a conclusion about the fair presentation ofinventory.C10.1 (LO 6) Challenging PPS sampling audit casehon indiPart 1. Determine the objectives of the test. You are auditing both quantities and pricing of the finalinventory accumulation.a. Explain the assertions that you are testing.b. Explain the evidence that you would obtain to test those assertions.Part 2. Determine sample size based on the following judgments (round sample size to the nearest wholenumber).a. Tolerable misstatement is assessed at $325,000.b. The risk of incorrect acceptance is assessed at 37%.c. Expected misstatement is assessed at $100,000.d. Zero overstatements are expected.21

An auditing is a thorough examination of the financial statements of an entity in order to provide…

C10.1 (LO 6) Challenging PPS sampling audit case Part 1. Determine the objectives of the test. You are auditing both quantities and pricing of the final inventory accumulation. a. Explain the assertions that you are testing. b. Explain the evidence that you would obtain to test those assertions. in based on the following judgments (round sample size to the nearest whole

C10.1 (LO 6) Challenging PPS sampling audit case Part 1. Determine the objectives of the test. You are auditing both quantities and pricing of the final inventory accumulation. a. Explain the assertions that you are testing. b. Explain the evidence that you would obtain to test those assertions. in based on the following judgments (round sample size to the nearest whole

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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