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Question

During an audit of Rottel Company, an auditor needs to estimate the total value of

the 5,000 invoices processed during June. She estimates the standard deviation of the population to be $30. Determine the size of the sample the auditor would select when using mean-per-unit sampling and

1.      tolerable misstatement = $45,500

2.      risk of incorrect acceptance = 5.0 percent

3.      risk of incorrect rejection = 4.6 percent

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