The fiscal year 2017 annual report of General Mills, Inc. is available on this book's Website.

Required

a. What percentage of total assets is represented by General Mills' investment in inventory in 2017 and 2016?

b. Compute the inventory turnover and days' sales in inventory for General Mills for 2017 and 2016. Calculate inventory turnover using end of year inventory.

c. Is the company doing a better job of managing its investment in inventory in 2017?

d. What inventory costing method does General Mills use?

e. What is the value of the company's LIFO reserve at year-end 2017? General Mills labels its LIFO reserve as the "Excess of FIFO over LIFO cost" in Note 17. (Appendix 6B)