CFA財務報表分析練習題＂Financial Report＂：Inventories
財務報告與分析中章節(jié)的設置是循序漸進、逐層深入的，前面介紹的術語在后面還會有詳細的解釋與探討。
由于財務報告與分析本身自立體系，它是上市公司和報表使用人之間溝通交流的語言，所以學起來與外語學習有幾分相似。
財務報告與分析一共分為四大部分：
第一部分是掃盲階段，主要介紹財務術語、體系等基本知識。
在此基礎上，第二部分更深入地講解財務報表編制以及財務報表分析的方法。
進一步地，第三部分針對存在利潤操縱空間的重點科目做詳細、深入的討論。
最后，第四部分是前面三部分內(nèi)容的綜合應用。
四大部分在考試中占比最大的是第二部分和第三部分，大概占財報分析所有題目的80%以上。其次是第一部分，占比10%左右。
由于第四部分是財務分析的綜合應用，不太適合一級的出題形式，所以出題比例相對比較少，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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