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Inventory,cost of sales,and gross profit can be different under periodic and perpetual inventory systems if a firm uses which inventory cost method?
A)LIFO or weighted average cost,but not FIFO.
B)FIFO or weighted average cost,but not LIFO.
C)LIFO or FIFO,but not weighted average cost.
答案：A
【解析:】
The LIFO and weighted average cost methods can provide different values for inventory,cost of sales,and gross profit depending on whether the firm uses a periodic or perpetual inventory system.FIFO produces the same values from either a periodic or perpetual inventory system.
Assuming that the investment in fixed capital and working capital offset each other,free cash flow to the firm(FCFF)may be proxied by net income if:
A.earnings before interest and taxes(EBIT)equals depreciation.
B.non-cash charges and interest charges are zero.
C.non-cash charges and interest charges are equal.
答案：B
【解析:】
The answer is shown by the relationship between FCFF and net income:FCFF=NI+NCC+Int(1–tax rate)–FCInv–WCInv.Further:FCFF=EBIT(1–tax rate)+Dep–FCInv–WCInv,which assumes that depreciation is the only non-cash charge.
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