61. Assume U.S. GAAP (generally accepted accounting principles) applies unless
otherwise noted.
An analyst gathers the following information about a company ($ millions):
2008 2007
Sales 283.5 234.9
Year-end inventory (LIFO inventory method) 81.4 53.7
LIFO reserve 36.4 21.8
Cost of goods sold (LIFO) 203.9 167.3
If the company uses the FIFO inventory method instead of LIFO, the company’s
2008 gross profit margin is closest to:
A. 22.9%.
B. 29.8%.
C. 33.2%.
Bạn đang xem 61. - CFA MOCK EXAM LEVEL I MOCK EXAM MORNING 2009
