[SOLVED] M-H connection- ch5 Reporting and analyzing inventories
I need an explanation for this Accounting question to help me study.
Access the september 24, 2016, 10-K report for Apple, Inc.( ticker; AAPL), filed on October 26, 2016, from the EDGAR filings at SEC.gov https://www.sec.gov/
Beyond the numbers..
1.what products are manufactured by apple?
2. what inventory method does apple use? ( hint: see the note 1 to its financial statement…)
3. compute its gross margin and gross margin ratio for the 2016 fiscal year. comment on your computations- assume an industry average of 40% for the gross margin ratio
4. compute its inventory turnover and days’ sales in inventory for the year ended September 24, 2016. Comment on your computations- assume an industry average of 15 for inventory turnover and 9 for days’ sales in inventory.