NO.PZ201602060100000202
问题如下：
Robert Groff, an equity analyst, is preparing a report on Crux Corp. As part of his report, Groff makes a comparative financial analysis between Crux and its two main competitors, Rolby Corp. and Mikko Inc. Crux and Mikko report under US GAAP and Rolby reports under IFRS.
Groff gathers information on Crux, Rolby, and Mikko. The relevant financial information he compiles is in Exhibit 1. Some information on the industry is in Exhibit 2.
Exhibit 1. Selected Financial Information (US$ Millions)
*This does not match the change in the inventory valuation allowance because the valuation allowance is reduced to reflect the valuation allowance attached to items sold and increased for additional necessary write-downs.
Exhibit 2. Industry Information
To compare the financial performance of the three companies, Groff decides to onvert LIFO figures into FIFO figures, and adjust figures to assume no valuation allowance is recognized by any company.
After reading Groff’s draft report, his supervisor, Rachel Borghi, asks him the following questions:
Question1, Which company’s gross profit margin would best reflect current costs of the industry?
Question 2, Would Rolby’s valuation method show a higher gross profit margin than Crux’s under an inflationary, a deflationary, or a stable price scenario?
Question3, Which group of ratios usually appears more favorable with an inventory write-down?
Rolby’s net profit margin for the year ended 31 December 2009, after the adjustments suggested by Groff, is closest to:
选项：
A.6.01%.
B.6.20%.
C.6.28%.
解释：
B is correct.
Rolby’s adjusted net profit margin must be computed using net income (NI) under FIFO and excluding charges for increases in valuation allowances.
NI (adjusted) = NI (FIFO method) + Charges, included in cost of goods sold for inventory write-downs, after tax = $327 million + 15 million × (1 – 30%) = $337.5 million Therefore, adjusted net profit margin equals:
Net profit margin = NI/Revenues = $337.5/$5,442 = 6.20%
如题
