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 28, 2019? 

(b) On September 29, 2018?

2. Inventories make up what percent of total assets 

(a) On September 28, 2019? 

(b) On September 29, 2018?

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 28, 2019, 

(b) Days’ sales in inventory as of September 28, 2019.