The financial statements of Tootsie Roll are presented in Appendix D. The company’s complete annual report, including the notes to its financial statements, is available at www. tootsie.com.

Instructions
Answer the following questions. (Give the amounts in thousands of dollars, as shown in Tootsie Roll’s annual report.)
(a) What did Tootsie Roll report for the amount of inventories in its consolidated balance sheet at December 31, 2010? At December 31, 2009?
(b) Compute the dollar amount of change and the percentage change in inventories between 2009 and 2010. Compute inventory as a percentage of current assets for 2010.
(c) What are the (product) cost of goods sold reported by Tootsie Roll for 2010, 2009, and 2008? Compute the ratio of (product) cost of goods sold to net (product) sales in 2010.