Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta

Exercise 42

Access the September 28, 2013, 10-K report for Apple, Inc. (Ticker AAPL), filed on October 29, 2013, from the EDGAR filings at www.SEC.gov.
Required
1. What products are manufactured by Apple
2. What inventory method does Apple use ( Hint: See the Note 1 to its financial statements.)
3. Compute its gross margin and gross margin ratio for the 2013 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 28, 2013. Comment on your computations-assume an industry average of 40 for inventory turnover and 9 for days' sales in inventory.