Analysis of Inventory
Inventories are stated at the lower of cost, computed using the first-in, first-out method, and net realizable value. Any adjustments to reduce the cost of inventories to their net realizable value are recognized in earnings in the current period.
Source: Apple Inc., Annual Report
Apple Inc., Statement of Financial Position, Inventory
USD $ in millions
Source: Based on data from Apple Inc. Annual Reports
|Inventories||Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer).||Apple Inc.'s inventories declined from 2015 to 2016 but then increased from 2016 to 2017 exceeding 2015 level.|