APPLE due Jan 28 Apple Inc. CONSOLIDATED BALANCE SHEETS (In millions, except number of shares which are reflected in thousands and pur value) September 29, 2017 ASSETS Cash dhe $ 20.454 This is a graded discussion: 10 points possible Week 3 Part 2 DB 1. Go to Apple's balance sheet in Appendix A (page A-2) at the back of the textbook. What is the dollar amount of Apple's inventory for the most recent fiscal year? All dollar amounts are in millions, so if a balance sheet line item is $70,120, the actual amount is $70,120,000,000 - $70,120 x 1,000,000). 2. If you scroll down to the notes to Apple's financial statements (or go to page A-B) and find the "Inventories" section, it indicates Apple uses the first-in-first-out approach to valuing inventory. Write several sentences in your own words to clearly describe what this means based on the description provided in the textbook. 15.754 4.EE 13.545 135 Other Tools Property, plant and went Apiedible 19TH 237 106 14 21010 Total SS LIABILITIES AND SHOLDERS EOLITY The Company records its allowance for doubtful accounts based upon its assessment of various factors, including historical experience, age of the accounts receivable Page A-8 balances, credit quality of the Company's customers, current economic conditions and other factors that may affect the customers' abilities to pay. Inventories Inventories are stated at the lower of cost, computed using the first-in, first-out method, and net realizable value. Any adjustments to reduce the cost of inventories to their net realizable value are recognized in earnings in the current period