Question
Question 2 (Source: 2017 form 10-K for The Kraft-Heinz Company; http://ir.kraftheinzcompany.com/static-files/1a9c7a40-532d-4c55-b0b1-b97d552013a9 ) The balance sheet for The Kraft-Heinz Company listed total an ending inventory balance
Question 2 (Source: 2017 form 10-K for The Kraft-Heinz Company; http://ir.kraftheinzcompany.com/static-files/1a9c7a40-532d-4c55-b0b1-b97d552013a9)
The balance sheet for The Kraft-Heinz Company listed total an ending inventory balance of $2,815 million and $2,684 as of 12/30/2017 and 12/31/2016 respectively. Below is an excerpt from Notes to the Financial Statements, Note 5: Inventories from Krafts 2017 annual report:
Note 5. Inventories
Inventories consisted of the following (in millions):
| December 30, 2017 | December 31, 2016 |
Packaging and ingredients | $560 | $542 |
Work in process | 439 | 388 |
Finished product | 1,816 | 1,754 |
Inventories | 2,815 | 2,684 |
Suppose Kraft had purchased $19,892 million worth of packaging and ingredients (i.e. raw materials) during the year ended 12/30/2017. Calculate the amount of packaging and ingredients Kraft used in production during the year ended 12/30/2017.
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