Financial reporting, manufacturing firm-Internet assignment Campbell Soup Case 13.33 Company provides access to its annual reports online at campbellsoup.com. The LO 5, 7 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 aniount of combined cost incurred in 2017, 2016, and 2015 for raw material, direct labor, na manufacturing overhead. 19. Supplemental Financial State Balance Sheets Accounts receivable Allowances Subtotal HH. Rem containers and supplies Fished products Other currentes Fair value of derivatives. 58 1,488 4,042 64 $ 1,553 4,231 195 6,043 S (3,589) 2,454 S Machinery and equipment... Projects in progress Total cost Accumulated depreciation "... 176 5,764 (3,357) 2.407 Other assets Investments... Deferred tases 69 $ 36 34 139 $ 19 107 Item 8. Financial Statements and Supplementary Data CAMPBELL SOUP COMPANY Consolidated Statements of Earnings (millions, except per share amounts) 2017 7,890 2016 7.961 $ 2015 8,082 S 5,300 4,831 817 5,181 893 488 124 98 238 601 117 24 131 102 6,490 1,400 112 31 7.001 960 7,028 1.054 108 115 Net sales.......................................... ......... .......$ Costs and expenses Cost of products sold ................................ . Marketing and selling expenses.............. . Administrative expenses ......................... . Research and development expenses................... . ...... Other expenses (income)............................................. Restructuring charges........................ . Total costs and expenses ....................... . ... .. ... ... ...... Earnings before interest and taxes.. .... . . . Interest expense. Interest income ................. ....... . ..... ................ Eamings before taxes............................ ...... ......... ... Taxes on earings.............. ...... .... . .. .... .... ........ Net earnings........................................................... Less: Net earnings (loss) attributable to noncontrolling interests ............ .. Net earnings attributable to Campbell Soup Company.........................S Per Share - Basic Net earnings attributable to Campbell Soup Company........................S Weighted average shares outstanding - basic ................................. Per Share-Assuming Dilution Net earnings attributable to Campbell Soup Company ............................S Weighted average shares outstanding - assuming dilution ............. ... .. 1,293 949 849 286 563 887 666 887 $ 563 S 666 $ S 2.91 305 1.82 309 2.13 312 $ 2.89 307 1.81 $ 11 2.13 313 3 See accompanying Notes to Consolidated Financial Statements. IC ID E F Tell me more 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 5,300 OM NO Ending balance + Cost of goods sold Goods available for sale Less Beginy Cost of goods manufactured 5,866 617 5,249 Work in Process Inventory Beg bal Add: Sheet1 O BE W X D F Goods available for sale Less Beg Inv Cost of goods manufactured 5,866 617 5,249 18 b. 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 5,249 Sheet1 OfWXP 2016 2014 391 399 2017 377 0 525 902 Raw Material Inventory Work in Process Inventory Finished Goods Inventory Total Inventory 0 2015 427 0 566 993 0 549 940 617 1,016 Cost of Goods Sold 4,831 5,181 5,300 Financial reporting, manufacturing firm-Internet assignment Campbell Soup Case 13.33 Company provides access to its annual reports online at campbellsoup.com. The LO 5, 7 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 aniount of combined cost incurred in 2017, 2016, and 2015 for raw material, direct labor, na manufacturing overhead. 19. Supplemental Financial State Balance Sheets Accounts receivable Allowances Subtotal HH. Rem containers and supplies Fished products Other currentes Fair value of derivatives. 58 1,488 4,042 64 $ 1,553 4,231 195 6,043 S (3,589) 2,454 S Machinery and equipment... Projects in progress Total cost Accumulated depreciation "... 176 5,764 (3,357) 2.407 Other assets Investments... Deferred tases 69 $ 36 34 139 $ 19 107 Item 8. Financial Statements and Supplementary Data CAMPBELL SOUP COMPANY Consolidated Statements of Earnings (millions, except per share amounts) 2017 7,890 2016 7.961 $ 2015 8,082 S 5,300 4,831 817 5,181 893 488 124 98 238 601 117 24 131 102 6,490 1,400 112 31 7.001 960 7,028 1.054 108 115 Net sales.......................................... ......... .......$ Costs and expenses Cost of products sold ................................ . Marketing and selling expenses.............. . Administrative expenses ......................... . Research and development expenses................... . ...... Other expenses (income)............................................. Restructuring charges........................ . Total costs and expenses ....................... . ... .. ... ... ...... Earnings before interest and taxes.. .... . . . Interest expense. Interest income ................. ....... . ..... ................ Eamings before taxes............................ ...... ......... ... Taxes on earings.............. ...... .... . .. .... .... ........ Net earnings........................................................... Less: Net earnings (loss) attributable to noncontrolling interests ............ .. Net earnings attributable to Campbell Soup Company.........................S Per Share - Basic Net earnings attributable to Campbell Soup Company........................S Weighted average shares outstanding - basic ................................. Per Share-Assuming Dilution Net earnings attributable to Campbell Soup Company ............................S Weighted average shares outstanding - assuming dilution ............. ... .. 1,293 949 849 286 563 887 666 887 $ 563 S 666 $ S 2.91 305 1.82 309 2.13 312 $ 2.89 307 1.81 $ 11 2.13 313 3 See accompanying Notes to Consolidated Financial Statements. IC ID E F Tell me more 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 5,300 OM NO Ending balance + Cost of goods sold Goods available for sale Less Beginy Cost of goods manufactured 5,866 617 5,249 Work in Process Inventory Beg bal Add: Sheet1 O BE W X D F Goods available for sale Less Beg Inv Cost of goods manufactured 5,866 617 5,249 18 b. 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 5,249 Sheet1 OfWXP 2016 2014 391 399 2017 377 0 525 902 Raw Material Inventory Work in Process Inventory Finished Goods Inventory Total Inventory 0 2015 427 0 566 993 0 549 940 617 1,016 Cost of Goods Sold 4,831 5,181 5,300