CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) ears ended September 24, 201

Question

CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) ears ended September 24, 2011 2011 2010 2009 Cash and cash equivalents, beginning of the year Operating activities S 5,263 S 11,875 14,013 Net income Adjustments to reconcile net income to cash generated by operating activities: 25,922 Depreciation, amortization and accretion Share-based compensation expense Deferred income tax expense 1.168 2,868 879 1,040 Changes in operating assets and liabilities (939) 54 586 (713) (2,142) (596) Accounts receivable, net Inventories Vendor non-trade receivables Other current and non-current assets Accounts payable Deferred reve Other current and non-current liabilities 275 (1,934) (1,391) 2,515 1,654 4,495 37,529 6,307 1,217 778 18,595 nue 161 Cash generated by operating activities Investing activities (46,724) 19,790 10,888 Purchases of marketable securities Proceeds from maturities of marketable securities Proceeds from sales of marketable securities Payments made in connection with business acquisitions, net of cash acquired Payments for acquisition of property, plant and equipment Payments for acquisition of intangible assets (102317) 20,437 49,416 (57,793) 24930 21,788 (4.260) (3,192) (1,144) (2,005) (116) (175) (40419) 13.854)(17.434) Cash used in investing activities Financins activities 831 1,133 Proceeds from issuance of common stock Excess tax benefits from equity awards Taxes paid related to net share settlement of equity awards 475 270 (82) 663 751 (406) Cash generated by financing activities 1444 5,998 (Decrease)increase in cash and cash equivalents Cash and cash equivalents, end of the year Supplemental cash flow disclosure $ 9,815 S 5263 Cash paid for income taxes, net $ 3,338 S 2.697 S 2997

Explanation / Answer

1) Sept. 24, 2011 Sept. 25, 2010 Amount of Inventories ( in $ million) 776 1051 2) Dollar Change In Inventories ( in $ million) 275 Decrease = Inventory in 2010 - Inventory in 2011 = 1051-776 = 275 Decrease 3) Percentage change in Inventories 26.2% Decrease = Change In Inventory / Inventory at year 2010 = 275 / 1051 = 26.2 % Decrease 4) Inventory as percentage of current assets of sept. 24 , 2011 = Inventory at Sept. 24 , 2011 / Current Assets at Sept. 24 , 2011 = 776 / 44988 = 1.7 % 5) No data available in question to identify method of costing 6) 2011 2010 Cost of sales ( in $ million) 64431 39541 7) % cost of sales to sales in 2011 = Cost of sales in 2011 / Net Sales in 2011 = 64431 / 108249 59.5%

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