NO.PZ2017102901000046
问题如下：
In a period of declining inventory unit costs and constant or increasing inventory quantities, which inventory method is most likely to result in a higher debt-to-equity ratio?
选项：
A.LIFO
B.FIFO
C.Weighted average cost
解释：
B is correct.
In an environment of declining inventory unit costs and constant or increasing inventory quantities, FIFO (in comparison with weighted average cost or LIFO) will have higher cost of goods sold (and net income) and lower inventory. Because both inventory and net income are lower, total equity is lower, resulting in a higher debt-to-equity ratio.
存货采购价格下降的市场，而存货采购量是稳定或者增长的。题目问哪个存货计量方法会有更高的debt-to-equity ratio。
FIFO先进先出方法下，存货采购价格下降，先卖出的是采购价格较高的存货，留下来的是采购价格较低的存货，因此对应较高的COGS和较低的期末inventory价值。
COGS高，则NI低，equity也低。因此debt-to-equityratio更高。选项B正确。
价格下降时，用FIFO，INVENTORY也会下降，ASSET下降；COGS高，GROSS PROFIT低，NI低，ETUITY高低。DEBT=ASSET -EQUITY，这个值不一定高还是低；DEBT-to-EQUITY ratio=DEBT/EQUITY，不一定是上升啊？
