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Suppose this information is available for PepsiCo, Inc. for 2020, 2021, and 2022. (in millions) 2020 2021 2022 Beginning inventory $1,926 $2,290 $2,522 Ending inventory

Suppose this information is available forPepsiCo, Inc.for 2020, 2021, and 2022.

(in millions)

2020

2021

2022

Beginning inventory

$1,926

$2,290

$2,522

Ending inventory

2,290

2,522

2,618

Cost of goods sold

18,038

20,351

20,099

Sales revenue

39,474

43,251

43,232

2020

2021

2022

Inventory turnover

8.68.57.8Days in Inventory42.4days42.9days46.8daysGross Profit Rate54.3%52.9%53.5%

(d)Comment on the trends observed in the data above.

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