P6-11B The following information is available for PepsiCo, Inc. (in U.S. $ millions): 2015 2014 2013 Cost of goods $28,384 $30,88 $31,24 sold 3 Inventories 2,720 3,143 3,409 Current assets 23,031 20,663 22,203 Current liabilities 17,578 18,092 17,839 In the notes to its financial statements, PepsiCo disclosed that it uses the FIFO and average cost formulas to determine the cost of the majority of its inventory. The industry averages for the inventory turnover, days in inventory, and current ratios are as follows: 2015 2014 Inventory 8.7 9.1 turnover times times Days in inventory 42 days 40 days Current ratio 1.3:1 1.1:1 Instructions (a) Calculate PepsiCo's inventory turnover, days in inventory, and current ratios for 2015 and 2014. Comment on the company's liquidity over the two years, and in comparison with the industry