2014年注册金融分析师(CFA)真题[1]

【无忧考网 - 注册金融分析师(CFA)试题】
Investment Tools: Financial Statement Analysis: Assets1.A: Analysis of Inventoriesa: Compute ending inventory balances and cost of goods sold using the LIFO, FIFO, and average cost methods to account for product inventory.Example:Given the following inventory data:January 1 (beginning inventory):2 units @ $2 per unit = $ 4January 7 purchase:3 units @ $3 per unit = $9January 19 purchase:5 units @ $5 per unit = $25Cost of goods available (BI + P):10 units = $38Units sold during January:7 units FIFO cost of goods sold(value the 7 units sold at unit cost of last units purchased). Start at the top and work down:From beginning inventory:2 units @ $2 per unit = $4From first purchase:3 units @ $3 per unit = $ 9From second purchase:2 units @ $5 per unit = $10FIFO cost of goods sold:7 units = $23Ending inventory:3 units @ $5 = $15 LIFO cost of goods sold(value the 7 units sold at unit cost of first units purchased). Start at the bottom and work up:From second purchase:5 units @ $5 per unit = $25From first purchase:2 units @ $3 per unit = $6LIFO cost of goods sold:7 units = $31Ending inventory:2 @ $2 + 1 @ $3 = $7 Average cost of goods sold(value the 7 units sold at the average unit cost of goods available).Average unit cost = $38 / 10 = $3.80 per unitWeighted average cost of goods sold = 7 @ $3.80 = $26.60Ending inventory = 3 @ $3.80 = $11.40b: Explain the usefulness of inventory and cost-of-goods-sold data provided by the LIFO, FIFO, and average cost methods when prices are 1) stable, or 2) rising.Balance sheet: Inventories based on FIFO are preferable since these values most closely resemble current cost and hence current economic value. GAAP requires that firms use the lower of cost or market when valuing inventory. Applying the lower-of-cost-or-market to the inventory calculated under any cost flow assumption would decrease income and inventory on the balance sheet if market is lower than cost. If assigned costs to ending inventor注册金融分析师(CFA)