Refer to Apple's financial statements in Appendix A to answer the following.
Required
1. Assume that the amounts reported for inventories and cost of sales reflects items purchased in a form ready for resale. Compute the net cost of goods purchased for the year ended September 29, 2012.
2. Compute the current ratio and acid-test ratio as of September 29, 2012 and September 24, 2011. 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?
3. Access Apple's financial statements (form 10-K) for fiscal years ending after September 29, 2012, from its Website (Apple.com) or the SEC's EDGAR database (www.sec.gov). Re-compute and interpret the current ratio and acid-test ratio for these current fiscal years.