Using EDGAR (Electronic Data Gathering, Analysis, and Retrieval system), find the annual report (10-K) for Coca-Cola and Pepsico for the year ended December 2019. Locate the “Consolidated Statements of Income” (income statement) and “Consolidated Balance Sheets.” You may also find the annual reports at the companies’ websites.

Required:
1. For each company, calculate the gross profit ratio, inventory turnover ratio, and average days in inventory.
2. Compare the management of each company’s investment in inventory. Which company is more profitable and which company sells its inventory more quickly based on the ratios calculated in requirement 1?