ACCA F2内容，average inventory level为什么要EOQ/2这样算？_百度知道
ACCA F2内容，average inventory level为什么要EOQ/2这样算？
提问者采纳
设存货每日消耗量相等，则平均存储量为（EOQ+0）&#47，存储量的最大值为EOQ，最小值为0，两个订货日之间
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太给力了，你的回答完美地解决了我的问题，非常感谢！
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Capital Management (Reading
30-day $10,000 U.S. Treasury bill sells for $9,932.40. The discount-basis
yield (%) is closest to:
is correct. Note: The face value is greater than the purchase price
because the T-bill sells at a discount.
3.&&&&& Selected information from a company’s recent income
statement and balance sheets is presented below.
Income Statement Data
the year ended December 31st
$ thousands)
$2,240,000
of goods sold
Balance Sheet Data
of December 31st
$ thousands)
& investments
receivable
Inventories
current assets
Liabilities
current liabilities
current liabilities
company operates in an industry in which suppliers offer terms of
2/10, net 30. The payables turnover for the average company in the
industry is 8.5 times. Which of the following statements is most accurate? In 2011, the company on average:
took advantage of early payment discounts.
paid its accounts within the payment terms provided.
paid its accounts more promptly than the average firm in the industry.
turnover = Purchases ÷ Average payables = 1,311,500 ÷ 143,400
= 9.15 times
= COGS + End inventory – Beginning inventory = 1,320,000 +
(63,000 – 71,500) = 1,311,500
payables = ? × (129,600 + 157,200) = 143,400
in payables = 365 ÷ Payables turnover ratio
365 days ÷ 9.15 = 39.9 days
365 days ÷ 8.5 times = 42.9 days
firm’s days in payables is 39.9 therefore, it appears the firm
does not normally take supplier-provided discounts (paying in 10 days)
nor pay its accounts within the 30-day terms provided. However, on
average, the firm is paying faster than the average firm in the industry
(42.9 days).
4.&&&&& Based on a need to borrow $2 million for one month,
which of the following alternatives has the least expensive effective
annual cost?
A banker’s acceptance with an all-inclusive annual rate of 6.1%
A credit line at 6.0% annually with a $4,000 annual commitment fee
Commercial paper at 5.9% annually with a dealer’s annual commission
of $1,500 and a backup line annual cost of $3,500
Calculation
× $2,000,000 = 10,166
– 10,166 = 1,989,833
× 12) ÷ 1,989,833= 0.0613
[(Interest
+ Commitment fee) x 12] /
loan amount
× $2,000,000 = 10,000
Commitment
× $2,000,000 = 833
$2,000,000
× 12) ÷ 2,000,000= 0.065
[(Interest
+ Dealer’s commission
Backup costs) x 12]/
× $2,000,000 = 9,833
commission
+ 250 + 333 = 10,416
– 9,833 = 1,990,167
× 12) ÷ 1,990,167=
acceptance has the lowest annual effective cost of 0.0613.
5.&&&&& For a 90-day U.S. Treasury bill selling at a discount,
which of the following methods most likely results in the highest
Money market yield
Discount-basis yield
Bond equivalent yield
that the face value is greater than the purchase price because the
T-bill sells at a discount:
6.&&&&& Which is most likely considered a secondary
source of liquidity?
Trade credit.
Liquidating long-term assets.
Centralized cash management system.
Liquidating
long-term assets is a secondary source of liquidity.
7.&&&&& Other factors held constant, the reduction of a
company’s average accounts payables due to suppliers offering less trade
credit will most likely:
reduce the operating cycle.
increase the operating cycle.
not affect the operating cycle.
are not part of the operating cycle calculation. Operating cash cycle
includes inventory and accounts receivable.
8.&&&&& An inventory system that reduces average inventory
without affecting sales will most likely reduce the:
quick ratio.
inventory turnover.
cash conversion cycle.
inventory turnover will increase which means the days in inventory
will reduce which will reduce the cash conversion cycle (also called
net operating cycle).
9.&&&&& The annual cost of trade credit assuming a 365-day
year for terms 3/10 net 40 is closest to:
of trade credit
[ 1 + Discount/(1 – Discount)] ^(365/Days beyond discount period)
1+ 3%/(1-3%)]^(365/30)-1
following information is available for a company and the industry in
which it competes:
receivable turnover
of days of payables
to the industry, the company’s operating cycle:
and cash conversion cycle are both longer.
is longer, but its cash conversion cycle is shorter.
is shorter, but its cash conversion cycle is longer.
operating cycle = number of days of inventory + number of days of
receivables.
cash conversion cycle = operating cycle – number of days of payables.
of days receivables
6.5= 56 days
of days inventory
+ 87 = 152 Longer
+ 91 = 147
conversion cycle
= 124 Longer
– 36 = 111
Therefore,
the operating cycle and cash conversion cycle are both longer for
the company.
11.& Which
of the following is the most appropriate technique for forecasting
cash flow for the short term?
Statistical models
Simple projections
Projection models and averages
projections are used to forecast short-term needs. Projection models
and averages are normally used to forecast medium term cash flow needs.
Statistical models are normally used to forecast long term needs,
not short term cash flow needs.
12.& Which
of the following methods would be least likely to improve the
cash collections of a retail organization?
Debit cards
Electronic checks
lockbox is a deposit system coordinated with a bank and is useful
when the customer is not paying at the time of sale. In retail organizations,
the customer normally pays at the time of sale and the best ways to
improve cash collections are to ensure the payments made at that time
have no credit risk for the seller. Debit cards, credit cards and
electronic checks eliminate the credit risk for the seller.
company extends its trade credit terms by four days to all its credit
customers. The most likely effect of this change to the company’s
credit customers is a four day:
increase in their operating cycle.
decrease in their operating cycle.
decrease in their net operating cycle.
four day increase in payables will reduce the cash conversion cycle
(net operating cycle) by four days.
analyst gathers the following information for a company:
Liquidity measure
payable turnover
receivable turnover
The company’s operating cycle is closest to:
20.9 days.
33.2 days.
46.8 days.
cycle = days inventory outstanding + days receivables outstanding
inventory outstanding = 365 / inventory turnover = 17.63 days
receivables outstanding = 365 / accounts receivable turnover = 29.2
cycle = 17.63 days + 29.2 days = 46.8 days
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