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What is the minimum amount of adjustment required

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Question - The following errors, which all affect profit, have been identified by the auditor:

(1) Inventory overvalued by $100,000

(2) Property, plant and equipment overvalued by $350,000

(3) Trade payables overstated by $65,000

If materiality for the evaluation of misstatements is $200,000, what is the minimum amount of adjustment required in order to conclude that the financial statements are not materially misstated?

a. $185,000

b. $265,000

c. $385,000

d. $515,000

Reference no: EM133014916

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