R32 练习: 存货分析
考纲范围
- describe the measurement of inventory at the lower of cost and net realisable value and its implications for financial statements and ratios
- calculate and explain how inflation and deflation of inventory costs affect the financial statements and ratios of companies that use different inventory valuation methods
- describe the presentation and disclosures relating to inventories and explain issues that analysts should consider when examining a company’s inventory disclosures and other sources of information
Q1.
Which of the following statements is most likely correct?
A. For inventories measured using first-in, first-out (FIFO), the inventory write-down procedure is exactly the same under IFRS and US GAAP.
B. The book value of commodity inventory can be higher than the historical cost.
C. An inventory write-down brings negative effects on all the financial ratios.
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答案：B
解析：
- A 错误：FIFO 下 IFRS 允许存货减值转回（reversal），而 US GAAP 不允许转回，程序不完全相同
- B 正确：商品存货（commodity inventory）可以按公允价值减去销售成本（NRV）计量，如果市价上涨，账面价值可以高于历史成本
- C 错误：存货减值并非对所有比率都有负面影响，例如存货周转率可能因存货减少而改善
选项 判断 解析 A ✗ IFRS 允许减值转回而 US GAAP 不允许，程序不同 B ✓ 商品存货可按 NRV 计量，可能高于历史成本 C ✗ 减值不一定对所有比率产生负面影响 关联：R32: 存货分析
Q2.
MG Co. uses the LIFO method to measure inventory. Information relates to the inventory of MG Co. in the current year is as follows:
| 项目 | 金额 |
|---|---|
| Original cost per unit | | |
| Estimated selling price | | |
| Estimated selling cost | | |
| Replacement cost | | |
| Normal profit margin | | |
What is the per unit carrying value of MG’s inventory under US GAAP in the current year?
A.
B.
C. \
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答案：C
解析：
计算过程：
US GAAP 下 LIFO 使用 Lower of Cost or Market：
- NRV (ceiling) = Selling price - Selling cost = - = > - NRV - Normal profit margin (floor) = - = > - Replacement cost = > - Market = median of (ceiling, RC, floor) = median(\) = > - Carrying value = Lower of (Cost, Market) = Lower of (\) = **
选项 判断 解析 A ✗ \是原始成本，但 market < cost，需要减值 B ✗ \是重置成本，但低于 floor，不能用作 market C ✓ Market = \（floor），carrying value = min(111, 103) = | 关联：R32: 存货分析
Q3.
Golden AG wrote down the carrying value of its inventory in 2018 and then reversed the write-down the following year according to IFRS. If Golden AG prepares its financial statements according to US GAAP, Golden’s reported 2019:
A. profit was higher.
B. current ratio was lower.
C. year-end inventory balance was higher.
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答案：B
解析：
- IFRS 允许存货减值转回，US GAAP 不允许
- 如果按 US GAAP，2019年不能转回减值，因此：
- 存货余额更低（因为不能转回减值）→ 流动资产更低 → 流动比率更低
- 利润更低（因为IFRS下转回增加了利润，US GAAP不能）
- 存货余额更低（不能转回）
选项 判断 解析 A ✗ US GAAP 不允许转回，利润更低而非更高 B ✓ 存货不能转回导致流动资产更低，流动比率更低 C ✗ 不能转回减值，存货余额更低而非更高 关联：R32: 存货分析
Q4.
In an inflationary environment, which of the following is most accurate?
A. LIFO will result in a higher gross profit margin than both FIFO and the weighted average cost method.
B. FIFO will result in a higher ending inventory balance than the weighted average cost method.
C. Weighted average cost method will result in the highest ending inventory.
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答案：B
解析：在通胀环境下：
- FIFO：期末存货最高（最新的高价库存留在 BS 上），COGS 最低，毛利最高
- LIFO：期末存货最低（最早的低价库存留在 BS 上），COGS 最高，毛利最低
- 加权平均法：介于 FIFO 和 LIFO 之间
选项 判断 解析 A ✗ LIFO 在通胀下 COGS 最高，毛利最低 B ✓ FIFO 期末存货最高 > 加权平均 > LIFO C ✗ FIFO 才产生最高的期末存货，不是加权平均法 关联：R32: 存货分析
Q5.
Assuming constant inventory quantities, which of the following cost flow methods will produce a higher inventory turnover ratio in an inflationary economy?
A. FIFO
B. LIFO
C. Weighted average
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答案：B
解析：
存货周转率 = COGS / Average Inventory
在通胀环境下，LIFO：
- COGS 最高（分子大）
- Average Inventory 最低（分母小）
- 因此存货周转率最高
选项 判断 解析 A ✗ FIFO 的 COGS 最低、存货最高，周转率最低 B ✓ LIFO 的 COGS 最高、存货最低，周转率最高 C ✗ 加权平均法的周转率介于 FIFO 和 LIFO 之间 关联：R32: 存货分析
Q6.
Zimt AG started business in 2022 and used FIFO method to account for inventory during a period in which selling prices and unit cost increased to reflect 5% inflation each year. During 2022, it purchased 35,000 for USD 20 per units and sold 30,000 units for USD 30 per units. During 2023, it purchased another 50,000 unit and sold out. Its 2023 gross profit is closest to:
A. USD 530,000
B. USD 525,000
C. USD 500,000
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答案：A
解析：
计算过程：
2022年：购入 35,000 units @ \，卖出 30,000 units
- 期末存货 = 5,000 units @ = > 2023年：价格上涨5%
- 售价 = \× 1.05 = /unit
- 采购单价 = \× 1.05 = /unit
- 购入 50,000 units @ > - 总可售 = 5,000 (@ ) + 50,000 (@ ) = 55,000 units
- 全部售出 55,000 units
FIFO 下 COGS：
- 5,000 × = \（先售旧存货）
- 50,000 × = > - COGS = + = > Revenue = 55,000 × = > 但是题目说”sold out”，让我重新看。实际上题目说 2023 purchased 50,000 and sold out，意思是全部卖完（55,000 units）。
Gross Profit = Revenue - COGS = - = > 这与选项不匹配。让我重新理解：也许 “sold out” 指卖出 50,000 units（不含期初存货）。
如果只卖 50,000 units (FIFO)：
- COGS = 5,000 × + 45,000 × = + = > - Revenue = 50,000 × = > - GP = > | 选项 | 判断 | 解析 | |------|------|------| | A | ✓ | Gross Profit = - = | | B | ✗ | \计算有误 | | C | ✗ | \计算有误 |
关联：R32: 存货分析
Q7.
Which of the following statements is least likely correct?
A. It is important for analysts to understand which inventory valuation method is chosen by a company from the inventory disclosures.
B. Financial statement disclosures concerning inventory under IFRS are exactly the same as that under US GAAP.
C. Inventory disclosures should cover the carrying amount of inventories carried at fair value less costs to sell.
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答案：B
解析：
- A 正确：了解公司选择的存货计价方法对分析师很重要
- B 错误：IFRS 和 US GAAP 下关于存货的披露要求不完全相同（如 LIFO 准备金等）
- C 正确：存货披露应包括以公允价值减去销售成本计量的存货账面金额
选项 判断 解析 A ✗ 理解存货计价方法对分析确实很重要 B ✓ IFRS 和 US GAAP 的存货披露要求不完全相同 C ✗ 存货披露确实应包括以 FV 减销售成本计量的金额 关联：R32: 存货分析
Q8.
In an environment of stable price levels, which of the following is most likely to lead to an overestimation of inventory turnover?
A. Inventory obsolescence
B. Raising inventory level
C. Market demand is relatively high
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答案：A
解析：
- 存货过时（Inventory obsolescence）会导致存货需要减值，降低存货的账面价值（分母变小），从而导致存货周转率被高估
- 提高存货水平会增加分母，降低周转率
- 市场需求高会增加销量，但不会导致”高估”
选项 判断 解析 A ✓ 存货过时导致减值，降低分母，周转率被高估 B ✗ 增加存货水平使分母增大，周转率降低 C ✗ 高需求增加销量是真实改善，不是高估 关联：R32: 存货分析