Using ratio estimation, an auditor has taken a sample of 75 from a population's 25,000 items; that population has a book value of $125,000. She found that in her sample the average audited value was $4.50, while the average book value was $5.20. What is the estimated total audited value of the population?
Using ratio estimation, an auditor has taken a sample of 75 from a population's 25,000 items; that population has a book value of $125,000. She found that in her sample the average audited value was $4.50, while the average book value was $5.20. What is the estimated total audited value of the population?
Managerial Economics: A Problem Solving Approach
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ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
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
Transcribed Image Text:Using ratio estimation, an auditor has taken a sample of 75 from a population's 25,000 items; that population has a book value of $125.000. She found that in her
sample the average audited value was $4.50, while the average book value was $5.20, What is the estimated total audited value of the population?
Mumple Choice
$108173
$107.500
$112.543
$125,000
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