Refer to Apple's financial statements in Appendix A to answer the following. Required 1. Assume that the

Question:

Refer to Apple's 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 27, 2014.
2. Compute the current ratio and acid-test ratio as of September 27, 2014, and September 28, 2013. Interpret and comment on the ratio results. How does Apple compare to the industry average of 1.5 for the current ratio and 1.25 for the acid-test ratio?
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...