Refer to Apple’s financial statements in Appendix A. On September 30, 2017, what percent of current assets is represented by inventory?

Data from Appendix A

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Apple Inc. CONSOLIDATED BALANCE SHEETS (In millions, except number of shares which are reflected in thousands and par value) September 30, 2017 September 24, 2016 ASSETS Current assets Cash and cash equivakents Short-lerm marketable securities Accounts receivable, less allowances of $58 and $53, respectively Inventories 20,289 20,484 53,892 46,671 | 7,874ו 15,754 4,855 2,132 17,799 13,545 Vendor non-trade wceivables Other current assets 13,936 8,283 Total current assets 128,645 106,869 Long-lerm marketable securities Property, plant and equipment, net 194,714 170,430 33,783 27010 Goodwill 5,717 5,414 2,298 3,206 Acquired intangible assets, net Other non-current assts 10,162 8,757 375,319 Total assets 321,686 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities 37,294 22.027 8,080 Accounts payable Accrued ex penses Defered revenue 49,049 25,744 7,548 Commercial paper 11,977 8,105 Current portion of long-lerm debt 6,496 100,814 3,500 Total current liabilities 79,006 Deferred revenue, non-current 2,836 2,930 97,207 75,427 Long-term debt Other non-current liabilities 40,415 36,074 Total liabilities 241,272 193,437 Commitments and contingencies Sharcholders' oquity Common stock and additional paid-in capital, S0.0000 1 par value: 12,600,000 shares authorized; 5,126,201 and 5,336,166 shares issed and outstanding, respectively 35,867 31,251 Retained carnings Accumulated other comprehensive income (loss) Total shareholders' equity 98,330 96,364 (150) 634 134,047 128,249 Total liabilities and sharcholders' equity 375,319 321,686 Se accompanying Notes to Consolidated Financial Statenents. Apple Inc. CONSOLIDATED STATEMENTS OF OPERATIONS dn millions, except number of shares which are reflected in thousands and per share amounts) September 30, 2017 September 26, 2015 233,715 Years ended September 24, 2016 215,639 Net sales 229,234 Cost of sales 131,376 84,263 141,048 140,089 93,626 Gross margin 88, 186 Operating expenses Research and development Selling, general and administrative Total operating ex penses 11,581 10,045 8,067 15,261 26,842 61,344 2,745 14,194 24,239 14,329 22396 Operating income Other income (expense), net Income before provision for income taxes Provision for income taxes 60,024 71,230 1,285 1,348 64,089 15,738 61.372 15,685 72,515 19,121 53.394 Net income 48,351 45,687 Earnings per share: Basic Diluted 9.27 9.21 8.35 8.31 9.28 9.22 Shares used in computing camings per share: Basic 5,217,242 5,470,820 5,753,421 Diluted Cash dividends declared per share 5,251,692 2.40 5,500,281 2.18 5,793,069 1.98 Sec accompanying Notes to Consolidated Financial Statements. Apple Inc. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME In millions) Yeurs ended September 30, 2017 September 24, 2016 September 26, 2015 Net income 48,351 45,687 S 53,394 Other comprehensive income (loss): Change in foreign currency translation, net of tax effects of S(77), S8 and $301, respectively 224 75 (411) Change in unrealized gainslosses on derivative instruments: Change in fair value of derivatives, net of tax benefit (expense) of S(478), S(7) and S(441), respectively Adjustment for net (gains) losses realized and included in net income, net of tax expense (benefit) of $475, S131 and $630, respectively Total change in unrealized gains/losses on derivative instruments, net of tax 1,315 2,905 (1,477) (741) (3,497) (162) 734) (592) Change in unrealized gainvlosses on marketable securities: Change in fair value of marketable securities, net of tax benefit (expense) of $425, S(863) and $264, wspectively (782) 1,582 (483) Adjustment for net (gains) losses realized and included in net income, net of tax expense (benefit) of $35, S(31), and S(32), respectively (64) 59 Total change in unrealized gains/losses on marketable securities, net of tax (846) 1,638 (424) Total other comprehensive income (loss) Total comprehensive income (784) 47,567 979 (1,427 51,967 46,666 Soe accompanying Notes to Consolidated Financial Statements.