cfa一级investmenttools∶financialstatementanalysis∶assets(编辑修改稿)

cfa一级investmenttools∶financialstatementanalysis∶assets(编辑修改稿)内容摘要：

Deferred taxes 2500 1500 1000 B. LIFO Reserve Retained Earnings Deferred taxes 13 2500 1500 900 C. LIFO Reserve Retained Earnings Deferred taxes 2500 1600 900 D. LIFO Reserve Retained Earnings Deferred taxes 1500 2500 1000 A LIFO reserve = FIFO inventory – LIFO inventory = 9000 – 6500 = 2500 Increase in retained earnings = (2500)() = 1500 Increase in deferred tax liability = (2500)(.40) = 1000 Question ID: 14746 Under last in first out (LIFO) accounting during periods of inflation, when a firm sells a greater quantity of its inventory than it produces or acquires, the result is: A. lower earnings than would have occurred under LIFO. B. lower earnings. C. an understating of the cost of goods sold. D. none of these choices. C Setup Text: Wallace Lumber uses LIFO and had the following note in their last financial statement: Wallace Lumber showed a LIFO reserve of $90,000 in 1999 and $86,000 in 2020. Wallace39。 s marginal tax rate is 31 percent. 14 Question ID: 14749 If Wallace39。 s yearend LIFO inventory balance was $400,000, their inventory based on FIFO would be: A. $490,000. B. $310,000. C. $486,000. D. $314,000. C Question ID: 14749 If Wallace39。 s LIFO COGS was $70,000, their FIFO COGS would be: A. $64,000. B. $74,000. C. $70,000. D. $66,000. B Question ID: 14744 The yearend financial statements for a firm using last in first out (LIFO) acounting show an inventory level of $5,000, cost of goods sold (COGS) of $16,000, and inventory purchases of $14,500. If the LIFO reserve is $4,000 at yearend and was $1,500 at the beginning of the year, what would the COGS have been using FIFO accounting? A. $12,000 B. $11,000 C. $13,500 15 D. $18,500 C Setup Text: Data for Billings Corporation Units Unit Price Beginning Inventory 696 $ Purchases 565 $ Sales 908 $ SGA Expenses $2,742 per annum ?? Question ID: 14765 What are the earnings before taxes (EBT) using the weighted average method? A. $2,. B. $2,. C. $2,. D. $3,. C EBT = SALES (COGS + SGA)= 10896 (+2742)=$. Question ID: 14765 What are the earnings before taxes (EBT) using the first in, first out (FIFO) method? A. $3,. B. $2,. C. $2,. D. $2,. 16 A EBT = SALES (COGS + SGA) = 10896 (4480 + 2742)= $3674. Question ID: 14765 What are the earnings before taxes (EBT) using the last in, first out (LIFO) method? A. $2,. B. $3,. C. $2,. D. $. A EBT = SALES (COGS + SGA) = 10896 ( 5892 + 2742) = $2262. Question ID: 14762 What are the earnings before taxes (EBT) using the weighted average method? A. $2,. B. $2,. C. $2, D. $3,. B EBT = SALES (COGS + SGA)= 10896 (+2742)=$. Question ID: 14762 What are the earnings before taxes (EBT) using the FIFO method? A. $3,. B. $2,. C. $2,. D. $2,. 17 A EBT = SALES (COGS + SGA) = 10896 (4480 + 2742)= $3674. Question ID: 14762 What are the earnings before taxes (EBT) using the LIFO method? A. $3,. B. $2,. C. $2,. D. $2,. D EBT = SALES (COGS + SGA) = 10896 ( 5892 + 2742) = $2262. Setup Text: Purchases Sales 20 units at $50 15 units at $60 35 units at $40 35 units at $45 85 units at $30 85 units at $35 Assume beginning inventory was zero. Question ID: 14764 Using FIFO and information for the entire period, gross profit is: A. $990. B. $360. C. $650. D. $410. 18 C $5,450 4800 = $650 Question ID: 14764 Using the weighted average method for the entire period, gross profit at the end of period is: A. $2,100. B. $677. C. $1,230. D. $3,810. B Sales – COGS = Gross Profit $5,450 – $4, = $ Question ID: 14764 Using LIFO and information for the entire period, gross profit at the end of the period is: A. $750. B. $990. C. $360. D. $1,230. A Sales – COGS = EOP value $5,450 $4,700 = $750 Question ID: 14778 19 Pischke Motors Provided you with the following financials:  Beginning LIFO Reserve $2,528  Cost of Goods Sold (COGS) using LIFO $5,576  COGS using FIFO of $3,548 What is the Ending LIFO reserve? A. $3,028. B. $4,556. C. $500. D. $2,528. B Ending LIFO Reserve = (LIFO COGS FIFO COGS) + BEGINING LIFO RESERVE = (55763548) + 2528 = $4556. Question ID: 24760 In the case of falling prices, which of the following statements is TRUE? LIFO results in: A. higher CGOS, lower taxes and higher ine. B. higher inventory balances and higher working capital. C. lower COGS, lower taxes and higher ine. D. higher inventory balances and lower working capital. B In periods of falling prices, LIFO results in lower COGS, higher taxes, higher ine, higher inventory balances, higher working capital, and lower cash flows. Question ID: 24758 LIFO liquidation usually results when: A. purchases are equal to the goods sold. 20 B. cost of goods sold is less than the available inventory. C. purchases are less than goods sold. D. purchases are more than goods sold. C For LIFO panies, when more goods are sold than are purchased during a period, the goods held in opening inventory are in included in COGS. This will result in LIFO liquidation. Question ID: 24759 In case of a decline in LIFO reserve, to obtain a better estimate an analyst should: A. adjust the ine statement, if such a decline is due to falling prices. B. adjust the ine statement, if such a decline is due to LIFO liquidation. C. adjust the ine statement, regardless of the reasons for the decline. D. not make any adjustments. B The decline in LIFO reserve is due to either falling prices or LIFO liquidations. The response of the a。