1) Provide 3 types of potential expenses that may be part of GIS COGS. Could any of these be considered Variable Costs and if so, which ones and why?

2) What is GIS Gross Margin (GM) for fiscal year 2017 and 2016 and what does that indicate?

a) What are two things that may have caused GIS GM to change from fiscal year 2016 to fiscal year 2017?

b) Whose GM looks better for the most recent fiscal year, K or GIS, and why may that be?

3) What is GIS Operating Profit Margin for fiscal year 2017?

a)How has this changed from the prior year?

b) What are 2 key drivers of this change?

4) Calculate GIS EBITDA margin for its last two fiscal years. How does this compare to Ks, better or worse and why?

5) Calculate GIS Net Profit Margin for 2016 and 2017.

a) Did it change by a similar degree as its operating profit margin? If not, why not?

b) How does GIS net profit margin for its most recent fiscal year compare to Ks?

6) Calculate GIS Earnings Per Share (EPS) for their most recent fiscal years. Which one is better, Ks or GIS?

7) Calculate GIS Dividends Per Share (DPS) for their most recent fiscal years. Which one is better, Ks or GIS?

8) What is GIS Net Working Capital (NWC) for fiscal year 2017?

a) Is it better or worse than GIS NWC for fiscal year 2016?

b) Which company has the stronger NWC for its most recently ended fiscal year, K or GIS?

9) What percentage of assets is cash for GIS for its most recent fiscal year? Is that better or worse than K?

10) What is GIS largest source of financing for its assets in 2017?

a) How much equity and debt (what % of each) did GIS use to finance its business in fiscal year 2017?

b) How does this compare to fiscal year 2016?

11) What ratios are used to measure liquidity?

a) Calculate each for GIS last 2 fiscal years

b) Comparing their most recent fiscal years, whose liquidity is better, K or GIS and why?

12) If you believe GIS sales will decline by 1% in 2017 and its Gross Margin will remain flat when compared to 2016, what would you anticipate GIS 2017 COGS to be?

2017 2016 2015 2014 GENERAL MILLS 12/31/2017 12/31/2016 12/31/2015 12/31/2014 15,620 10,056 5,564 604 624 218 1,355 2,566 295 0 2,271 655 85 1,701 16,563 10,734 5,829 608 754 Sales 15,740 10,313 5,427 619 17,630 11,681 5,949 588 823 229 1,688 2,077 315 0 1,762 587 COGS Gross Profit Dep & Amort Advertising Research & Develop SGA 576 219 1,338 2,509 374 1,535 2,707 304 0 2,403 755 Operating Profit Interest Expense Other 2,135 57 85 2,163 Incomne Before laxes Taxes Earnings from Unconsol 84 Net Income 1,736 1,259