Obtain the latest Annual Reports for both Apple and Cisco online. (You can find the latest Annual Reports for both firms, online, at the Investor Relations part of each firm's website.) Obtain from both company's financial statements the following amounts for the last two years:

• inventory;
• total revenues; and
• cost of sales.

Calculate and apply the inventory turnover ratio and the gross profit percentage calculations that you learned about in this module. Prepare these ratios for both years, and then place the results side-by-side for each company as part of your initial response. Then answer the following questions.

• For the inventory turnover ratio, what does the difference for that ratio between Apple and Cisco tell you about their inventory management? Was there any trend in this ratio for either Company or for both Companies over the last two years? Was that trend positive or negative?
• For the gross profit ratio calculations, what do the results for both companies tell you about their overall profitability for the last two years? Was there any trend in this ratio for either Company or for both Companies over the last two years? Was that trend positive or negative?