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

Required

1. What amount of inventories did Apple report as a current asset (a) on September 24, 2016? (b) On September 26, 2015?

2. Inventories make up what percent of total assets (a) on September 24, 2016? (b) On September 26, 2015?

3. Assuming Apple has enough inventory to meet demand, does Apple prefer inventory to be a lower or higher percentage of total assets?

4. Compute (a) inventory turnover for fiscal year ended September 24, 2016, and (b) days’ sales in inventory as of September 24, 2016.