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

Financial Reporting Problem: Apple Inc. The notes that accompany a company's financial

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 29, 2018? At September 28, 2019? (b) Compute the dollar amount of change and the percentage change in inventories between 2018 and 2019. Compute inventory as a percentage of current assets at September 28, 2019. (c) What inventory cost flow method does Apple use? (See Notes to the Financial Statements.) (d) What is the cost of sales (cost of goods sold or cost of product sales) reported by Apple for 2019, 2018, and 2017? Compute the percentage of cost of product sales to net product sales in 2019.hint-divide cost of product sales in 2019 by Net sales in products for 2019.

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