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The following data (in millions) were adapted from recent financial statements of Apple Inc. (AAPL). Year 2 Year 1 Sales Cost of goods sold Operating
The following data (in millions) were adapted from recent financial statements of Apple Inc. (AAPL). Year 2 Year 1 Sales Cost of goods sold Operating income Average net accounts receivable Average inventory $229,234 141,048 61,344 16,814 3,494 $215,639 131,376 60,024 14,802 2,241 1. Compute the accounts receivable turnover for Years 1 and 2. Round to one decimal place. 2. Compute days' sales in receivables for Years 1 and 2. Round to the nearest day. 3. Compute the inventory turnover for Years 1 and 2. Round to one decimal place. 4. Compute days' sales in inventory for Years 1 and 2. Round to nearest day. 5. Compute the retum on sales for Years 1 and 2. Round to one decimal place. 6. Comment on Apple's operations based upon the results in parts (1), (2), (3), (4), and
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