"Financial Report":Long-Lived Assets
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Questions 1:
If an analyst is concerned about the liquidity of a company’s inventory, he would most likely look in the notes to the financial statements to determine the:
A 、amount of inventories recognized as expense during the period.
B、 cost formula or inventory valuation method used.
C、 breakdown of inventory between work in progress and finished goods.
Questions 2:
The following information is available concerning a new showroom a company built. Construction started on 1 January 2012, and the grand opening was on 1 January 2014:
The depreciation expense (in millions) for the showroom in 2014 is closest to:
A 、€1.0175.
B 、€0.9575.
C、 €0.8375.
C is correct. The breakdown between work in progress and finished goods provides liquidity information because finished goods are ready to ship and thus more liquid than work in progress.
A is incorrect. The amount of inventories expensed as cost of goods sold has no effect on the liquidity of the inventory on hand.
B is incorrect. The inventory valuation method used is unrelated to the liquidity of the inventory.
B is correct. Because the asset is self-constructed, the costs of specifically identifiable interest during the construction period can be capitalized and included in the cost of the showroom.
A is incorrect. It continues to capitalize the interest in 2014: (43.3 + 2.4 – 5.0)/40 = 1.0175.
C is incorrect. It does not include the capitalized interest: (38.5 – 5)/40 = 0.8375.
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