Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 28: 
Apple Inc.


CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
|    |                                              |                   |         |                   |            |                   |         |            |    |         |
|---:|:---------------------------------------------|:------------------|:--------|:------------------|:-----------|:------------------|:--------|:-----------|:---|:--------|
|  1 |                                              | Years ended       |         |                   |            |                   |         |            |    |         |
|  2 |                                              | September 30,2023 |         | September 24,2022 |            | September 25,2021 |         |            |    |         |
|  3 | Net sales:                                   |                   |         |                   |            |                   |         |            |    |         |
|  4 | Products                                     | $                 | 298,085 |                   |            | $                 | 316,199 |            | $  | 297,392 |
|  5 | Services                                     | 85,200            |         |                   | 78,129     |                   |         | 68,425     |    |         |
|  6 | Total net sales                              | 383,285           |         |                   | 394,328    |                   |         | 365,817    |    |         |
|  8 | Cost of sales:                               |                   |         |                   |            |                   |         |            |    |         |
|  9 | Products                                     | 189,282           |         |                   | 201,471    |                   |         | 192,266    |    |         |
| 10 | Services                                     | 24,855            |         |                   | 22,075     |                   |         | 20,715     |    |         |
| 11 | Total cost of sales                          | 214,137           |         |                   | 223,546    |                   |         | 212,981    |    |         |
| 12 | Gross margin                                 | 169,148           |         |                   | 170,782    |                   |         | 152,836    |    |         |
| 14 | Operating expenses:                          |                   |         |                   |            |                   |         |            |    |         |
| 15 | Research and development                     | 29,915            |         |                   | 26,251     |                   |         | 21,914     |    |         |
| 16 | Selling, general and administrative          | 24,932            |         |                   | 25,094     |                   |         | 21,973     |    |         |
| 17 | Total operating expenses                     | 54,847            |         |                   | 51,345     |                   |         | 43,887     |    |         |
| 19 | Operating income                             | 114,301           |         |                   | 119,437    |                   |         | 108,949    |    |         |
| 20 | Other income/(expense), net                  | (565)             |         |                   | (334)      |                   |         | 258        |    |         |
| 21 | Income before provision for income taxes     | 113,736           |         |                   | 119,103    |                   |         | 109,207    |    |         |
| 22 | Provision for income taxes                   | 16,741            |         |                   | 19,300     |                   |         | 14,527     |    |         |
| 23 | Net income                                   | $                 | 96,995  |                   |            | $                 | 99,803  |            | $  | 94,680  |
| 25 | Earnings per share:                          |                   |         |                   |            |                   |         |            |    |         |
| 26 | Basic                                        | $                 | 6.16    |                   |            | $                 | 6.15    |            | $  | 5.67    |
| 27 | Diluted                                      | $                 | 6.13    |                   |            | $                 | 6.11    |            | $  | 5.61    |
| 29 | Shares used in computing earnings per share: |                   |         |                   |            |                   |         |            |    |         |
| 30 | Basic                                        | 15,744,231        |         |                   | 16,215,963 |                   |         | 16,701,272 |    |         |
| 31 | Diluted                                      | 15,812,547        |         |                   | 16,325,819 |                   |         | 16,864,919 |    |         |

See accompanying Notes to Consolidated Financial Statements.


Apple Inc. | 2023 Form 10-K | 28





, Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 30: 
Apple Inc.


CONSOLIDATED BALANCE SHEETS

(In millions, except number of shares, which are reflected in thousands, and par value)
|    |                                                                                                                                                                      |                   |         |                   |          |    |         |
|---:|:---------------------------------------------------------------------------------------------------------------------------------------------------------------------|:------------------|:--------|:------------------|:---------|:---|:--------|
|  1 |                                                                                                                                                                      | September 30,2023 |         | September 24,2022 |          |    |         |
|  2 | ASSETS:                                                                                                                                                              |                   |         |                   |          |    |         |
|  3 | Current assets:                                                                                                                                                      |                   |         |                   |          |    |         |
|  4 | Cash and cash equivalents                                                                                                                                            | $                 | 29,965  |                   |          | $  | 23,646  |
|  5 | Marketable securities                                                                                                                                                | 31,590            |         |                   | 24,658   |    |         |
|  6 | Accounts receivable, net                                                                                                                                             | 29,508            |         |                   | 28,184   |    |         |
|  7 | Vendor non-trade receivables                                                                                                                                         | 31,477            |         |                   | 32,748   |    |         |
|  8 | Inventories                                                                                                                                                          | 6,331             |         |                   | 4,946    |    |         |
|  9 | Other current assets                                                                                                                                                 | 14,695            |         |                   | 21,223   |    |         |
| 10 | Total current assets                                                                                                                                                 | 143,566           |         |                   | 135,405  |    |         |
| 12 | Non-current assets:                                                                                                                                                  |                   |         |                   |          |    |         |
| 13 | Marketable securities                                                                                                                                                | 100,544           |         |                   | 120,805  |    |         |
| 14 | Property, plant and equipment, net                                                                                                                                   | 43,715            |         |                   | 42,117   |    |         |
| 15 | Other non-current assets                                                                                                                                             | 64,758            |         |                   | 54,428   |    |         |
| 16 | Total non-current assets                                                                                                                                             | 209,017           |         |                   | 217,350  |    |         |
| 17 | Total assets                                                                                                                                                         | $                 | 352,583 |                   |          | $  | 352,755 |
| 19 | LIABILITIES AND SHAREHOLDERS' EQUITY:                                                                                                                                |                   |         |                   |          |    |         |
| 20 | Current liabilities:                                                                                                                                                 |                   |         |                   |          |    |         |
| 21 | Accounts payable                                                                                                                                                     | $                 | 62,611  |                   |          | $  | 64,115  |
| 22 | Other current liabilities                                                                                                                                            | 58,829            |         |                   | 60,845   |    |         |
| 23 | Deferred revenue                                                                                                                                                     | 8,061             |         |                   | 7,912    |    |         |
| 24 | Commercial paper                                                                                                                                                     | 5,985             |         |                   | 9,982    |    |         |
| 25 | Term debt                                                                                                                                                            | 9,822             |         |                   | 11,128   |    |         |
| 26 | Total current liabilities                                                                                                                                            | 145,308           |         |                   | 153,982  |    |         |
| 28 | Non-current liabilities:                                                                                                                                             |                   |         |                   |          |    |         |
| 29 | Term debt                                                                                                                                                            | 95,281            |         |                   | 98,959   |    |         |
| 30 | Other non-current liabilities                                                                                                                                        | 49,848            |         |                   | 49,142   |    |         |
| 31 | Total non-current liabilities                                                                                                                                        | 145,129           |         |                   | 148,101  |    |         |
| 32 | Total liabilities                                                                                                                                                    | 290,437           |         |                   | 302,083  |    |         |
| 34 | Commitments and contingencies                                                                                                                                        |                   |         |                   |          |    |         |
| 36 | Shareholders' equity:                                                                                                                                                |                   |         |                   |          |    |         |
| 37 | Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,550,061 and 15,943,425 shares issued and outstanding, respectively | 73,812            |         |                   | 64,849   |    |         |
| 38 | Accumulated deficit                                                                                                                                                  | (214)             |         |                   | (3,068)  |    |         |
| 39 | Accumulated other comprehensive loss                                                                                                                                 | (11,452)          |         |                   | (11,109) |    |         |
| 40 | Total shareholders' equity                                                                                                                                           | 62,146            |         |                   | 50,672   |    |         |
| 41 | Total liabilities and shareholders' equity                                                                                                                           | $                 | 352,583 |                   |          | $  | 352,755 |

See accompanying Notes to Consolidated Financial Statements.


Apple Inc. | 2023 Form 10-K | 30







Question: What is the Inventory Turnover Ratio for Apple Inc. for the fiscal year 2023?
Answer: The Inventory Turnover ratio is calculated using the formula: Inventory Turnover = Cost of Goods Sold / Average Inventory. For Apple Inc. in 2023, the Cost of Goods Sold (Total cost of sales) is $214,137 million. The average inventory is calculated as the average of the inventory at the beginning and end of the year. The inventory at the end of 2023 is $6,331 million, and at the end of 2022, it was $4,946 million. Therefore, the average inventory is ($6,331 million + $4,946 million) / 2 = $5,638.5 million. The Inventory Turnover ratio is $214,137 million / $5,638.5 million = 37.98.