Campbell Soup Company provides access to its annual reports online at campbellsoup.com. The annual reports are found in the “All Campbell Brands/Investors/Financial Information/Annual Reports” area of its website. Locate the following information in the annual reports provided for 2017 and 2015:

1. From the supplementary financial statement data, find the composition of the beginning and ending inventory for each of the following balance sheet accounts:

Raw Material, Work in Process, and Finished Goods.

2. From the consolidated statements of income, find the amount for Cost of Sales.

3. From the consolidated balance sheets, find the amount for Inventories.

4. From the management’s discussion and analysis, find the overview section that explains Gross Profit.

Required:

a. Calculate the cost of goods manufactured for 2017, 2016, and 2015.

b. Calculate the total amount of combined cost incurred in 2017, 2016, and 2015 for raw material, direct labor, and manufacturing overhead.

c. From the 2017 “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” identify the ratio of cost of sales to net sales for 2017, 2016, and 2015. Comment on the overall trend.

d. Review Chapter 11 if necessary and calculate the inventory turnover and day’s sales in inventory for 2017, 2016, and 2015. Comment on the overall trend.