I Financial Statement Analysis AIA3-3 Kellogg Company has its headquarters in Battle Creek, Michigan. The company manufactures and sells ready-to-eat breakfast cereals and convenience foods including cookies, toaster pastries, and cereal bars. Selected data from Kellogg Company's 2005 annual report follows (dollar amounts in millions). Kellotlll Company & & Sales 310.17720 $9,613.90 $8,811.50 Gross profit % 44.90% 44.90% 44.40% Operating prot $1,750.30 $1.681.10 $1 ,544.10 Net cash ow lees capital expenditures $769.10 $950.40 $923.80 Net earnhgs $980.40 $890.60 $787.10 In its 2005 annual report. Kellogg Company disclosed that . . . \"We met or exceeded our goals while investing in our brands. our people, and our future. We have a proven, focused strategy and pragmatic operating principles in Volume to Value and Manage for Cash that keep us focused on the right met rics. All of this, in combination with our realistic growth targets, drives sustainable and dependable performance." Instructions (a) Compute the percentage change in sales, operating prot. net cash ow, and net earnings from year to year for the years presented. (bl Evaluate Kellogg's performance. Which trend seems most favorable? Which trend seems least favorable? What are the implications of these trends for Kellogg's sustainable performance objectives? Explain