Question: Financial Reporting Problem: Apple Inc. The notes that accompany a company's financial statements provide informative details that would clutter the amounts and descriptions presented in

Financial Reporting Problem: Apple Inc.

The notes that accompany a company's financial statements provide informative details that would clutter the amounts and descriptions presented in the statements. Refer to the financial statements of Apple Inc. in Appendix A as well as its annual report. The complete annual report, including the notes to the financial statements, is available at the company's website.

Instructions

Answer the following questions. Complete the requirements in millions of dollars, as shown in Apple's annual report.

(a) What did Apple report for the amount of inventories in its consolidated balance sheet at September 27, 2014? At September 26, 2015?

(b) Compute the dollar amount of change and the percentage change in inventories between 2014 and 2015. Compute inventory as a percentage of current assets at September 26, 2015.

(c) How does Apple value its inventories? Which inventory cost flow method does Apple use? (See Notes to the Financial Statements.)

(d) What is the cost of sales (cost of goods sold) reported by Apple for 2015, 2014, and 2013? Compute the percentage of cost of sales to net sales in 2015.

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