Refer to Apple’s financial statements in Appendix A to answer the following.

Required

1. What amount of inventories did Apple report as a current asset on September 28, 2013? On September 29, 2012?

2. Inventories represent what percent of total assets on September 28, 2013? On September 29, 2012?

3. Comment on the relative size of Apple’s inventories compared to its other types of assets.

4. What accounting method did Apple use to compute inventory amounts on its balance sheet?

5. Compute inventory turnover for fiscal year ended September 28, 2013, and days’ sales in inventory as of September 28, 2013.