Question 3 - Inventory accounts: Using the excerpts below from PepsiCo, Inc's Financial Statements and Notes to Financial Statements from its 2019 annual report, answer the following (NOTE: all numbers given in the excerpts are in Smillions}: a. If PepsiCo. purchased $2,956 million worth of 'raw materials and packaging' during the fiscal year ended 12128/2019, how much 'raw materials and packaging' did they use during the fiscal year ended 1212812019? b. Calculate the 'Cost of Goods Manufactured' for PepsiCo. for the fiscal year ended 12/23/2019. Consolidated Balance Sheet PepsiCo, Inc. and Subsidiaries December 28, 2019 and December 29, 2018 (in millions except per share amounts) M M ASSETS Current Assets Cash and cash equivalents $ 5,509 $ 8,721 Short-term investments $ 229 $ 272 Restricted cash 5 - $ 1,997 Accounts and notes receivable, net $ 7,822 $ 7,142 Inventories $ 3,338 $ 3,1 23 Prepaid expenses and other current assets 6 747 633 Total Current Assets $ 17,645 $ 21 ,393 Note 15 Supplemental Financial InformatIOn Balance Sheet inventories m m Raw materials and packaging $ 1,395 $ 1,312 WOI1(-i n-process $ 200 $ 1 73 Finished goods 6 1,743 5 1,633 Total $ 3,338 $ 3,128 Consolidated Statement of Income PepsiCo, Inc. and Subsidiaries Fiscal years ended December 28, 2019, December 29, 2018 and December 30, 2017 (in millions except per share amounts) M Net Revenue $ 67,161 Cost of sales 3 30,132 Gross profit $ 37,029 Selling, general and administrative expenses 6 26,733 Operating Profit $ 10,291 Other pension and retiree medical benefits (expenseMncome $ (44) Interest expense $ (1 ,1 35} Interest income and other 3 200 Income before income taxes $ 9,312 Provision for/(benefit from) income taxes (See Note 5) 3 1,959 Net income $ 7,353 Less: Net income attributable to noncontrolling interests 5 39 Net Income Attributable to PepsiCo _$_Z.BJA 2m $ 64,661 29331 $ 35,230 3 25,170 $ 10,110 293 $ (1,525} w 9 9,139 3 (3,370} $ 12,559 9 44 342.515 2017 $ 63,525 3 23,796 $ 34,729 3 24,453 $ 10,276 $ 233 $ (1,151) m $ 9,602 3 4,694 $ 4,903 9 51 W El