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chiara9009 · 2023年04月03日

C选项应该是在不约定存货计价法的前提下才对,但是针对FIFO应该不对啊?

NO.PZ2018111303000068

问题如下:

Scenery manufacturer is a US-based company, Scenery has a subsidiary, XZZ, operates in CHINA, XZZ was acquired in 2018 and has never paid a dividend. It records inventory using the FIFO method. RMB is expecting depreciation in the future.

Compared with using the RMB as XZZ’s functional currency for 2018, if the US dollar were the functional currency, it is most likely that Scenery’s consolidated:

选项:

A.

Gross profit margin will be higher

B.

A/R turnover is higher

C.

current ratio will be higher.

解释:

C is correct.

考点:current method VS temporal method.

解析:

使用RMB为functional currency:转换用current rate method。

如果美元是functional currency( = reporting currency), 转换用temporal method.

LC = RMB 预期会贬值。

A选项:gross profit margin=(sales-COGS)/sales,不同转换方法都用平均汇率转换sales,因此只需要比较COGS。,在temporal method下,COGS是用卖掉的存货采购时候的历史汇率转换(FIFO下对应较早的汇率),在current method下, COGS是用较新的平均汇率转换,因为RMB在贬值,所以temporal method下的COGS比current method的要大,也就是说,Gross profit margin=(Sale - COGS)/Sales, temporal method的分子要更小,所以Gross profit margin也更小。选项A不正确。

B选项:A/R turnover=Sales/ AR, 在2种方法下,sale都是用average rate转换, AR都是用Current exchange rate转换,所以这个比率是一样的。选项B不正确。

C选项,current ratio= (cash+AR+INV)/CL, 因为在temporal method下, 存货属于non-monetary, 所以要用历史汇率(较高的汇率)转换,所以INV转换后的价值要更高,也就是分子更大导致比率更大。

1.基于RMB贬值的前提,如外汇标价为:FC(functional currency)/LC(Local currency)=US$/¥

可得到汇率关系:

H(historical)>A(average)>CR(current)(假设H=3,A=2,CR=1)


2.基于FIFO前提,under Temporal method(也即子公司以US $作为FC)

可得:COGS=3

INV=1


current ratio= (cash+AR+INV)/CL, 因为在temporal method下, 存货属于non-monetary, 所以要用历史汇率转换,由于FIFO前提,在Temporal Method下,此处的Inv应该是最近汇率的1(因为较高的历史汇率3是进入COGS而非进入Inv,先进先出计价法应该是最近的进入存货才对),而非解释中的更高历史汇率进入INV,所以不是分子更小嘛?



1 个答案

王园圆_品职助教 · 2023年04月03日

嗨,努力学习的PZer你好:


同学你好,请注意“Compared with using the RMB as XZZ’s functional currency for 2018, if the US dollar were the functional currency,"

根据这句话,题目意思是如果使用temporal method而不是current rate method,母公司的报表会如何变化——所以注意,这里是temporal method和current rate method的比较,其实跟存货使用LIFO还是FIFO已经没有关系了(因为两种货币兑换下公司都用FIFO

所以再看C选项,其实比较的就是temporal method和current rate method下哪个用的汇率更高,current ratio就肯定更高。由于本题历史汇率高于现在的汇率,而inventory在temporal method下使用的是历史汇率,所以此时公司改用temporal method,会导致存货金额更高,即current ratio更高

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