CFA财务报表分析练习题"Financial Report":Inventories
财务报告与分析中章节的设置是循序渐进、逐层深入的,前面介绍的术语在后面还会有详细的解释与探讨。
由于财务报告与分析本身自立体系,它是上市公司和报表使用人之间沟通交流的语言,所以学起来与外语学习有几分相似。
财务报告与分析一共分为四大部分
第一部分是扫盲阶段,主要介绍财务术语、体系等基本知识。
在此基础上,第二部分更深入地讲解财务报表编制以及财务报表分析的方法
进一步地,第三部分针对存在利润操纵空间的重点科目做详细、深入的讨论
最后,第四部分是前面三部分内容的综合应用
四大部分在考试中占比最大的是第二部分和第三部分,大概占财报分析所有题目的80%以上。其次是第一部分,占比10%左右。
由于第四部分是财务分析的综合应用,不太适合一级的出题形式,所以出题比例相对比较少,大概占5%左右
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Questions 1:

A firm that prepares its financial statements according to US GAAP and uses a periodic inventory system had the following transactions during the year:
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The cost of sales(in thousands)is closest to:
A、$5,890 using weighted average.
B、$4,080 using LIFO.
C、$3,850 using FIFO.

【Answer to question 1】C

【analysis】
C is correct.Under FIFO,the oldest units are sold first,thus for the six units sold FIFO,cost of sales is$3,850,as follows:1 unit at$600+5 units at 650=$3,850.
A is incorrect.It is the cost of goods available for sale not the cost of goods sold:1 unit at$600+5 units at 650+3 units at 680=$5,890.
B is incorrect.It used the$680 most recent cost for all 6,000 units sold:6×$680=$4,080.

Questions 2:

In a period of rising prices and stable inventory levels,which inventory valuation method will most likely result in the highest inventory turnover ratio,all else being equal?
A、Last-in,first-out(LIFO)
B、Weighted average cost
C、First-in,first-out(FIFO)

【Answer to question 2】A

【analysis】
A is correct.In a period of rising prices,the most recently purchased units of inventory carry the highest cost.Under the LIFO approach,it is these high-cost units(those that are“last in”)that are transferred to the income statement(“first out”)as cost of goods sold.The lowest-cost units remain on the balance sheet as inventory.With a high cost of goods sold value(numerator)and a low inventory value(denominator),the inventory turnover ratio is highest under LIFO.
B is incorrect.Under the weighted average approach,inventory is transferred to the income statement at a cost that falls somewhere between the lowest cost earlier purchases and the higher cost later purchases.The cost of goods sold value is thus higher than the FIFO value,but lower than the LIFO value.Similarly,the inventory value falls between that of LIFO and FIFO.The inventory turnover ratio also falls in between that of LIFO and FIFO.
C is incorrect.Under the FIFO approach,the lower cost inventory purchased earlier is transferred to the income statement as cost of goods sold.The resulting cost of goods sold value is lower while inventory remains high.As a result,the inventory turnover ratio is low with a lower numerator and higher denominator.
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