General Mills Inc. (GIS) produces, markets, and distributes cereal and food products including Cheerios, Wheaties, Cocoa Puffs, Yoplait, and Pillsbury branded products. The following partial income statements (in millions) were adapted from recent financial statements.

1. Prepare common-sized income statements for Years 1 and 2. Round to one decimal place.
2. Using your answer to (1), analyze the performance of General Mills in Year 2.

Transcribed Image Text:

Year 1 Year 2 17,910 17,630 (11,540) 11681 5,949 Cost of goods sold Gross profit Selling and administrative expenses.... 474)3,328) Operating income 2,896 $ 6,370 $ 2,621