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BTN 5-1 Refer to Apple's financial statements in Appendix A to answer the following.

Required

1.What amount of inventories did Apple report as a current asset on September 29, 2012? On September 24, 2011?

2.Inventories represent what percent of total assets on September 29, 2012? On September 24, 2011?

3.Comment on the relative size of Apple's inventories compared to its other types of assets.

4.What accounting method did Apple use to compute inventory amounts on its balance sheet?

5.Compute inventory turnover for fiscal year ended September 29, 2012, and days' sales in inventory as of September 29, 2012.

Fast Forward

6.Access Apple's financial statements for fiscal years ended after September 29, 2012, from its Website (Apple.com) or the SEC's EDGAR database (www.SEC.gov). Answer questions 1 through 5 using the current Apple information and compare results to those prior years.