The financial statements of Apple are presented in Appendix D. The complete annual report, including the notes to its financial statements, is available at the company’s website. 

Instructions
Answer the following questions. (Give the amounts in thousands 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 24, 2016? At September 26, 2015?
b. Compute the dollar amount of change and the percentage change in inventories between 2015 and 2016. Compute inventory as a percentage of current assets for 2016.
c. How does Apple value its inventory, and what cost fl ow assumption does it use?
d. What are the (product) cost of goods sold reported by Apple for 2016, 2015, and 2014? Compute the ratio of (product) cost of goods sold to net (product) sales in 2016.