Question
Apple Inc, is one of the companies that manufactures and/or sells a product (inventory must be a meaningful asset on the balance sheet). Locate that
Apple Inc, is one of the companies that manufactures and/or sells a product (inventory must be a meaningful asset on the balance sheet). Locate that companys most recent form 10-K from its website or using the Edgar system at sec.gov. Find all of the Notes to those financial statements that disclose information about the companys inventory. Summarize the following regarding the companys inventory: amount of reported inventory for both periods presented and the composition of the inventory for a manufacturer; method of costing and which types of inventory it applies to; and any changes to the costing method made for the periods covered by the statements. Did the company fully disclose all that it needed to regarding inventory? Provide authoritative support for your conclusion. Do you believe the company has selected the most appropriate costing method for its inventory? Why or why not?
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