Schweser Practice Exam: Trailing P/E question

CFA Level II
#1

Shweser Volume 1, Practice Exam 2 AM, Q30

If I’m asked to give the trailing PEG ratio at the end of 2008, why am I taking the EPS from the 2008 Income Statement and not 2007. I understand that since Trailing P/E x Net profit margin = P/S, E in both numbers has to be the same, but I’m just wondering why you take E from 2008 when you calculate trailing P/E.

#2

Trailing P/E = current price divided by last 12 months earnings (or some variant thereof). Since you’re at the end of 2008, 2008 would be last 12 months