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Refer to Apples financial statements in Appendix A to answer the following. Required: Assume that the amounts reported for inventories and cost of sales reflect
Refer to Apples financial statements in Appendix A to answer the following. Required: 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. Compute the current ratio and acid-test ratio as of September 28, 2019, and September 29, 2018. Does Apples 2019 current ratio outperform or underperform the (assumed) industry average of 1.5? Does Apples 2019 acid-test ratio outperform or underperform the (assumed) industry average of 1.0
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