Refer to Apples financial statements in Appendix A to answer the following. Required 1. Assume that the amounts reported for inventories and cost of sales reflect items purchased in a form ready for resale. Compute the net cost of goods purchased for the year ended September 28, 2019. 2. Compute the current ratio and acid-test ratio as of September 28, 2019, and September 29, 2018. 3. Does Apples 2019 current ratio outperform or underperform the (assumed) industry average of 1.5? 4. Does Apples 2019 acid-test ratio outperform or underperform the (assumed) industry average of 1.0?

Complete this question by entering your answers in the tabs below.

• Required 1
• Required 2
• Required 3
• Required 4

Compute the current ratio and acid-test ratio as of September 28, 2019, and September 29, 2018. (Enter your answers in millions of dollars.)

	2019		2018
$ millions	Current Ratio	Acid-Test Ratio	Current Ratio	Acid-Test Ratio
Current assets
Cash and equivalents
Marketable securities (current)
Accounts receivables, net
Inventories, net
Vendor non-trade receivables
Other current assets
Total current assets	$0		$0
Total quick assets		$0		$0
Total current liabilities
Ratio	0	0	0	0