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begins with cell B27 and concludes with cell B2026. recorded values begins with cell C27 and concludes
Second, a recorded value for each population with cell C2026. Key characteristics of the
item was created via multiplication of the item’s population include: (1) size = 2,000 items; (2) total
reference number and a fixed multiplier. Fixed value = $4,941,900; (3) standard deviation = $2,558;
multipliers were: $1.00 for items #1 to #1,000; and (4) individual values range from $1 to $8,000.
$2.00 for items #1001 to #1,600; and $4.00 for The top portion of the worksheet (rows 4–6)
items #1,601 to #2,000. The result was a population specifies desired monetary precision ($150,000),
of 2,000 items with a total recorded value of desired confidence level (95%), and an initial value
$4,941,900 and individual recorded values ranging for planned total sample size (60). The Solver needs
from $1 to $8,000. On our worksheet, the listing of these auditor-specified values to compute expected

journalofaccountancy.com March 2023 | 29