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

Required

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, 2019.
2. Compute the current ratio and acid-test ratio as of September 28, 2019, and September 29, 2018.
3. Does Apple’s 2019 current ratio outperform or underperform the (assumed) industry average of 1.5?
4. Does Apple’s 2019 acid-test ratio outperform or underperform the (assumed) industry average of 1.0?