开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

Evelynislost · 2023年08月16日

FIFO 和 weight average cost 对COGS的影响判断问题不太清楚

NO.PZ2023040501000075

问题如下:

Pedro Ruiz is an analyst for a credit rating agency. One of the companies he follows, Eurexim SA, is based in France and complies with International Financial Reporting Standards (IFRS). Ruiz has learned that Eurexim used EUR220 million of its own cash and borrowed an equal amount to open a subsidiary in Ukraine. Ukraine is not currently in a hyperinflationary environment, but Ruiz is concerned that this situation could change. Ruiz also believes the euro will appreciate against the hryvnia for the foreseeable future.

Given Ruiz’s belief about the direction of exchange rates, Eurexim’s gross profit margin would be highest if it accounts for the Ukraine subsidiary’s inventory using:

选项:

A.

FIFO and the temporal method.

B.

FIFO and the current rate method.

C.

weighted-average cost and the temporal method.

解释:

Ruiz expects the EUR to appreciate against the UAH and expects some inflation in the Ukraine. In an inflationary environment, FIFO will generate a higher gross profit than weighted-average cost. For either inventory choice, the current rate method will give higher gross profit to the parent company if the subsidiary’s currency is depreciating. Thus, using FIFO and translating using the current rate method will generate a higher gross profit for the parent company, Eurexim SA, than any other combination of choices.

何老师课上讲的是根据物价水平来判断。如果有物价上涨的趋势,那么FIFO 和 weight average cost 相比,FIFO 的成本更低,对应COGS也更低,(即COGS: FIFO < weight average cost )这个可以理解。


但是题目中还有汇率变化的前提,题目中外币汇率的变化趋势是:H> A> CR,那么在Temper rate 前提下,对应汇率转化时,FIFO对应历史汇率转化COGS更大,但是 weight average cost 是用加权平均汇率转化的,COGS更小。(即COGS: FIFO> weight average cost )


这两个结论似乎是相反的,综合选项A.C ,似乎没有理解,请老师指点一下,谢谢


Evelynislost · 2023年08月16日

补充一下,抛开A.C选项中的TM 和CRM。 主要不清楚的是FIFO 和 weight average cost 大小判断是用物价通胀水平还是汇率变化趋势?

1 个答案
已采纳答案

王园圆_品职助教 · 2023年08月16日

同学你好,FIFO,LIFO和Weighted average cost的大小判断和汇率变化是没有关系的,他们本身的大小只和物价涨跌有关

因为公司是先决定使用FIFO还是weighted average,再决定并表使用哪种方法的——理论上无论用哪种方法并表,子公司自己在当地运营的时候,会需要先用当地币种报告一个财报数据,此时不需要进行货币转换,也就不涉及任何的汇率问题了。

至于你问的涉及汇率的FIFO LIFO 比较问题,老师基础班有总结过,同学可以参考以下讲义截图

题目说了物价会上涨,同时母公司相对子公司币种升值(也就是汇率历史大,现在小)

要获得最高的毛利率,那COGS就要最小,对比上面的表格第一部分,FIFO下的COGS肯定小于weighted average下的

再看第二部分,FIFO下如果再用current rate method,可以获得较小的转换汇率从而使COGS较小,所以B是最优的

而FIFO下如果用temporal method,那汇率就大于了weighted average在temporal下的汇率,就会导致最后A和C无法比较大小,但是肯定都大于B,所以排除A和C

  • 1

    回答
  • 0

    关注
  • 791

    浏览
相关问题

NO.PZ2023040501000075 问题如下 Peo Ruiz is analyst for a cret rating agency. One of the companies he follows, Eurexim Sis basein Franancomplies with InternationFinanciReporting Stanr (IFRS). Ruiz hlearnethEurexim useEUR220 million of its own cash anborroweequamount to open a subsiary in Ukraine. Ukraine is not currently in a hyperinflationary environment, but Ruiz is concerneththis situation coulchange. Ruiz also believes the euro will appreciate against the hryvnia for the foreseeable future.Given Ruiz’s belief about the rection of exchange rates, Eurexim’s gross profit margin woulhighest if it accounts for the Ukraine subsiary’s inventory using: A.FIFO anthe tempormetho B.FIFO anthe current rate metho C.weighteaverage cost anthe tempormetho Ruiz expects the EUR to appreciate against the Uanexpects some inflation in the Ukraine. In inflationary environment, FIFO will generate a higher gross profit thweighteaverage cost. For either inventory choice, the current rate methowill give higher gross profit to the parent company if the subsiary’s currenis preciating. Thus, using FIFO antranslating using the current rate methowill generate a higher gross profit for the parent company, Eurexim Sthany other combination of choices. Revenue大家都用的Avg,问题出在COGS上,B用的是Avg,C用的是Weight,这两个汇率看不出大小吧,加权平均和平均如何比,题干没有信息

2024-07-17 11:36 1 · 回答

NO.PZ2023040501000075问题如下 Peo Ruiz is analyst for a cret rating agency. One of the companies he follows, Eurexim Sis basein Franancomplies with InternationFinanciReporting Stanr (IFRS). Ruiz hlearnethEurexim useEUR220 million of its own cash anborroweequamount to open a subsiary in Ukraine. Ukraine is not currently in a hyperinflationary environment, but Ruiz is concerneththis situation coulchange. Ruiz also believes the euro will appreciate against the hryvnia for the foreseeable future.Given Ruiz’s belief about the rection of exchange rates, Eurexim’s gross profit margin woulhighest if it accounts for the Ukraine subsiary’s inventory using: A.FIFO anthe tempormethoB.FIFO anthe current rate methoC.weighteaverage cost anthe tempormetho Ruiz expects the EUR to appreciate against the Uanexpects some inflation in the Ukraine. In inflationary environment, FIFO will generate a higher gross profit thweighteaverage cost. For either inventory choice, the current rate methowill give higher gross profit to the parent company if the subsiary’s currenis preciating. Thus, using FIFO antranslating using the current rate methowill generate a higher gross profit for the parent company, Eurexim Sthany other combination of choices. 为什么母公司相对子公司币种升值就说明汇率历史大现在小?我都搞不清是要干什么了,是要把子公司的乌克兰元转换成欧元吗?那欧元升值,两个货币的差距不就更大了,汇率不是应该变大了吗?

2023-09-21 11:42 2 · 回答

NO.PZ2023040501000075 问题如下 Peo Ruiz is analyst for a cret rating agency. One of the companies he follows, Eurexim Sis basein Franancomplies with InternationFinanciReporting Stanr (IFRS). Ruiz hlearnethEurexim useEUR220 million of its own cash anborroweequamount to open a subsiary in Ukraine. Ukraine is not currently in a hyperinflationary environment, but Ruiz is concerneththis situation coulchange. Ruiz also believes the euro will appreciate against the hryvnia for the foreseeable future.Given Ruiz’s belief about the rection of exchange rates, Eurexim’s gross profit margin woulhighest if it accounts for the Ukraine subsiary’s inventory using: A.FIFO anthe tempormetho B.FIFO anthe current rate metho C.weighteaverage cost anthe tempormetho Ruiz expects the EUR to appreciate against the Uanexpects some inflation in the Ukraine. In inflationary environment, FIFO will generate a higher gross profit thweighteaverage cost. For either inventory choice, the current rate methowill give higher gross profit to the parent company if the subsiary’s currenis preciating. Thus, using FIFO antranslating using the current rate methowill generate a higher gross profit for the parent company, Eurexim Sthany other combination of choices. 为什么the current rate methowill give higher gross profit to the parent company if the subsiary’s currenis preciating

2023-05-03 08:43 1 · 回答