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 29, 2018? (b) On September 30, 2017? 2. Inventories make up what percent of total assets (a) on September 29, 2018? (b) On September 30, 2017? 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 29, 2018, and (b) days' sales in inventory as of September 29, 2018. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 What amount of inventories did Apple report as a current asset (a) on September 29, 2018? (b) On September 30, 2017? (Enter your answers in millions.) (a) September 29, 2018 (b) September 30, 2017 Amount (in millions) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Inventories make up what percent of total assets (a) on September 29, 2018? (b) On September 30, 2017? (Round your answers to 2 decimal places.) % of Total Assets (a) September 29, 2018 % (b) September 30, 2017 % < Required 1 Required 3 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Assuming Apple has enough inventory to meet demand, does Apple prefer inventory to be a lower or higher percentage of total assets? Does Apple prefer inventory to be a lower or higher percentage of total assets? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute (a) inventory turnover for fiscal year ended September 29, 2018, and (b) days' sales in inventory as of September 29, 2018. (Do not round intermediate calculations. Round your answers to 1 decimal place.) (a) Inventory turnover (b) Days' sales in inventory times days 5 Comparative figures for Apple and Google follow. Ook int $ millions Inventory Cost of sales Current Year $ 3,956 163,756 Apple One Year Google Two Years $ Prior 4,855 141,048 Prior Current Year One Year Two Years $ 2,132 $ 1,107 131,376 59,549 $ Prior 749 45,583 Prior $ 268 35,138 Required: 1. Compute inventory turnover for each company for the most recent two years shown. 2. Compute days' sales in inventory for each company for the three years shown. 3. Did the current year inventory turnover underperform or qutperform the industry's average turnover of 15 in the case of (a) Apple and (b) Google? ences Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3