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Auditors are often required to compare the audited (or current) value of an inventory item with the book (or listed) value. If a company is keeping its inventory and books up to date, there should be a strong linear relationship between the audited and book values. A company sampled ten inventory items and obtained the audited and book values given in the accompanying table. Fit the model Y = β0 + β1x +ε to these data.
Item
Audit Value (yi)
Book Value (xi)
1
9
10
2
14
12
3
7
4
29
27
5
45
47
6
109
112
40
36
8
238
241
60
59
170
167
a. What is your estimate for the expected change in audited value for a one-unit change in book value?
b. If the book value is x = 100, what would you use to estimate the audited value?
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