NO.PZ2016012102000109
问题如下：
A firm has a higher inventory turnover and lower sales growth than industry's average level, which of the following is most likely for the firm?
选项：
A.The firm is managing its inventory effectively and timely.
B.The firm has obsolete inventory requiring a write-off.
C.The firm may be losing sales for inadequate inventory.
解释：
C
A company with high inventory turnover and low sales growth may be indicate the inadequate inventory level. And the company may be losing sales for inadequate inventory.
考点：存货周转率的公式
题目给了两个条件，一个是存货周转率上升，一个是销售增长率低于行业平均。
如果不考虑第二个条件，存货周转率高有可能因为存货减值，所以就选了B，但是存货减值跟销售增长率没关系，跟销售增长率有关的是存货的库存量能否满足销售增长的要求，如果存货供不上，才会导致销售增长不上去，如果只是单纯的存货减值，不会影响sales，因为存货减值先影响存货的账面价值，并且通过COGS的增加影响当期的NI，等存货卖掉的时候存货变成COGS，影响的也是NI，而不是sales。所以结合两个因素考虑，最可能的因素是C。
Inventory不足导致销售减少的同时，COGS也会同时减少，Inventory Turnover 不一定会高于平均水平啊。
