The notes that accompany a companys financial statements, Ask an Expert

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The notes that accompany a company's financial statements provide informative details that would clutter the amounts and descriptions presented in the statements. Refer to the financial statements of Apple Inc. in Appendix A as well as its annual report. Instructions for accessing and using the company's complete annual report, including the notes to the financial statements, are also provided in Appendix A.InstructionsAnswer the following questions. Complete the requirements in millions of dollars, as shown in Apple's annual report.

(a) What did Apple report for the amount of inventories in its consolidated balance sheet at September 25, 2010? At September 24, 2011?

(b) Compute the dollar amount of change and the percentage change in inventories between 2010 and 2011. Compute inventory as a percentage of current assets at September 24, 2011.

(c) How does Apple value its inventories? Which inventory cost flow method does Apple use? (See Notes to the Financial Statements.)

(d) What is the cost of sales (cost of goods sold) reported by Apple for 2011, 2010, and 2009? Compute the percentage of cost of sales to net sales in 2011.

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Accounting Basics, Accounting

Category:- Accounting Basics
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