If you check your link's "Balance Sheet" tab, you'll see inventory listed under Assets as "Total Inventory". It would most certainly not be listed as Cash & Equivalents.
Yeah, I was curious because it doesn't sound likely that shipped-but-not-sold phones would be listed under Cash & Equivalents (which is ~ $2B). But if his math about value of shipped phones ($3B) is approximately correct, then it doesn't fit under Total Inventory (<$1B) either, so it must be under Receivables (~3-4B), right?
