Cost of Goods Manufactured - 2015 Finished Goods inventory 617 Beg bal Cost of Goods Manufactured Less Cost of Goods Sold Ending bal 5,300 566 566 Ending balance + Cost of goods sold Goods available for sale Less Beg Inv Cost of goods manufactured 5,300 5,866 617 5,249 Work in Process Inventory Beg bal Add: Cost of raw material + direct labor+ manufacturing overhead Less: Cost of goods manufactured Ending balance 5,249 Ending bal + Cost of goods manufactured Total of RM+DL+OH Less beg bal 5,249 5,249 0 5,249 2019 2017 377 391 2015 427 2014 399 o Raw Material Inventory Work in Process Inventory Finished Goods Inventory Total Inventory 523 366 549 940 617 1,016 902 993 Cost of Goods Sold 4,831 5,181 5,300 Financial reporting, manufacturing firmInternet assignment Campbell Soup Company provides access to its annual reports online at campbe llsoup.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. Page 518 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. 19. Supplemental Financial Statement Data Balance Sheets 2017 2016 Accounts receivable Customer accounts receivable Allowances.... 566 561 $ (11) 550 $ Subtotal...................... Other............ $ 605 S Inventories Raw materials, containers and supplies........ Finished products ........ 377 $ 525 902 $ 391 549 940 Other current assets Fair value of derivatives...... Other Plant assets Land Buildings... Machinery and equipment.... Projects in progress........ Total cost Accumulated depreciation)... 64 $ 1,553 4,231 195 6,043 $ (3,589) 2,454 $ 1,488 4,042 176 5,764 (3,357) 2,407 $ 69 $ Other assets Investments. Deferred taxes ...... Other... $ 139 S 107 2017 2016 241 $ 263 Accrued liabilities Accrued compensation and benefits..... Fair value of derivatives..... Accrued trade and consumer promotion programs .... Accrued interest ..., Restructuring ........... Other... $ 604 . .. 261 $ Other liabilities Pension benefits Deferred compensation)...... Postretirement benefits.... Fair value of derivatives........... Unrecognized tax benefits ............... Restructuring .................. Other.............. 697 $ 1,039 Cost of Goods Manufactured - 2015 Finished Goods inventory 617 Beg bal Cost of Goods Manufactured Less Cost of Goods Sold Ending bal 5,300 566 566 Ending balance + Cost of goods sold Goods available for sale Less Beg Inv Cost of goods manufactured 5,300 5,866 617 5,249 Work in Process Inventory Beg bal Add: Cost of raw material + direct labor+ manufacturing overhead Less: Cost of goods manufactured Ending balance 5,249 Ending bal + Cost of goods manufactured Total of RM+DL+OH Less beg bal 5,249 5,249 0 5,249 2019 2017 377 391 2015 427 2014 399 o Raw Material Inventory Work in Process Inventory Finished Goods Inventory Total Inventory 523 366 549 940 617 1,016 902 993 Cost of Goods Sold 4,831 5,181 5,300 Financial reporting, manufacturing firmInternet assignment Campbell Soup Company provides access to its annual reports online at campbe llsoup.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. Page 518 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. 19. Supplemental Financial Statement Data Balance Sheets 2017 2016 Accounts receivable Customer accounts receivable Allowances.... 566 561 $ (11) 550 $ Subtotal...................... Other............ $ 605 S Inventories Raw materials, containers and supplies........ Finished products ........ 377 $ 525 902 $ 391 549 940 Other current assets Fair value of derivatives...... Other Plant assets Land Buildings... Machinery and equipment.... Projects in progress........ Total cost Accumulated depreciation)... 64 $ 1,553 4,231 195 6,043 $ (3,589) 2,454 $ 1,488 4,042 176 5,764 (3,357) 2,407 $ 69 $ Other assets Investments. Deferred taxes ...... Other... $ 139 S 107 2017 2016 241 $ 263 Accrued liabilities Accrued compensation and benefits..... Fair value of derivatives..... Accrued trade and consumer promotion programs .... Accrued interest ..., Restructuring ........... Other... $ 604 . .. 261 $ Other liabilities Pension benefits Deferred compensation)...... Postretirement benefits.... Fair value of derivatives........... Unrecognized tax benefits ............... Restructuring .................. Other.............. 697 $ 1,039