The following info (in u.s millions) is available for Pepsi Co inc for the year ended Dec 31
2004 2003 2002
Cost of goods sold $13,406 $12,379 $11 497
Inventory 1541 1412 1342
Current Assets 8639 6930 6413
Current Liabilities 6752 6415 6052

Pepsi Co discloses the composition of its inventory as follows:
2004 2003 2002
Raw materials $665 $618 $525
Work in process 156 160 214
Finished goods 720 634 603

Instructions:
1. Calculate the inventory turnover,days in inventory and current ratios for 2003 and 2004. Comment on Pepsis liquidality
2. Comment on changes in the composition of pepsis inventories over the last 3 years for the changes give you any insight into pepsis production plans?
3. are the changes that you observed in Question 2 consistent with the trends you observed in the inventoryturnover ratio in question 1?

Beaupre ltees adjusted trial balance appears as follows on Dec 31 20XX

Accounts payable $86300 Land $75000
Accounts recievable 49200 Merchandise inventory 40500
Accumilated amoritization- 51800 Mortgage payable 155000
Building Prepaid Insurance 2400
Property tax expense 4800
Accumilated amortization- 42900 property tax payable 4800
Equipment
Amortization expense 23400 Purchases 441600
Building 190000 Purchase discounts 22500
Cash 23000 purchase returns and allowences 6400
Common shares 95000 retained earnings 68600
Dividends 8000 salaries expense 122500
Equipment 110000 salaries payable 3500
Freight in 5600 sales 623000
Freight out 7500 sales discounts 15000
Income tax expense 5000 sales returns and allowences 8000
Insurance 7200 Unearned sales revenue 2300
Interest expense 5400 utilities expense 18000

Additional info
Beaupre uses a perodic inventory system
A physical inventory count determinedthat merchandise inventoryon Dec 31 20XX was $72600

Instructions
Prepare a statement of earnings, statement of retained earning and a balance sheet for the year.

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