The auditors have sampled 50 accounts from a population of 1,000 accounts receivable. the sample items have a mean book value of $200 and a mean audited value of $203. the book value in the population is $198,000. what is the estimated total audited value of the population using the difference method?
a. $198,000.
b. $200,000.
c. $201,000.
d. $203,000.

What is the estimated total audited value of the population using the difference method?

c. $201,000.

Explanation:

The difference method works as follows:  

We have a popuation of 1,000 accounts .  

The sample items have a mean book of $200 and a mean audited value of $203  

We have a difference of $3  

This difference it's applied to the population of accounts and we get a value of $3,000 (1,000 accounts * $3)  

As the book value in the population it's $198,000, we add the difference previously calculated of $3,000  

So, we have $198,000 + $3,000 = $201,000  

The correct answer is "c) beginning inventory for the first quarter"

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