Refer to Apple’s financial statements in Appendix A to answer the following.
1. Assume that the amounts reported for inventories and cost of sales reflect items purchased in a form ready for resale. Compute the net cost of goods purchased for the year ended September 28, 2013.
2. Compute the current ratio and acid-test ratio as of September 28, 2013, and September 29, 2012.
Interpret and comment on the ratio results. How does Apple compare to the industry average of 1.5 for the current ratio and 1.25 for the acid-test ratio?