THE COCA$-$COLA COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME

$($In millions except per share data$)$

$\backslash$table$[[$Year Ended December $31,,2023,2022,2021],[$Net Operating Revenues,$$,45,754,$$$,43,004,$$$,38,655],[$Cost of goods sold,,$18,520,,18,000,,15,357],[$Gross Profit,,$27,234,,25,004,,23,298],[$Selling$,$ general and administrative expenses,,$13,972,,12,880,,12,144],[$Other operating charges,,$1,951,,1,215,,846],[$Operating Income,,$11,311,,10,909,,10,308],[$Interest income,,$907,,449,,276],[$Interest expense,,$1,527,,882,,1,597],[$Equity income $($loss$)-$ net,,$1,691,,1,472,,1,438],[$Other income $($loss$)$ net,,$570,,(262),,2,000],[$Income Before Income Taxes,,$12,952,,11,686,,12,425],[$Income taxes,,$2,249,,2,115,,2,621],[$Consolidated Net Income,,$10,703,,9,571,,9,804],[$Less: Net income $($loss$)$ attributable to noncontrolling interests,,$(11),,29,,33],[$Net Income Attributable to Shareowners of The Coca$-$Cola Company,$$,10,714,$$$,9,542,$$$,9,771],[$Basic Net Income Per Share $^(1),$$$,2\mathrm{.}48,$$$,2\mathrm{.}20,$$$,2\mathrm{.}26],[$Diluted Net Income Per Share $^(1),$$$,2\mathrm{.}47,$$$,2\mathrm{.}19,$$$,2\mathrm{.}25],[$Average Shares Outstanding $-$ Basic,,$4,323,,4,328,,4,315],[$Effect of dilutive securities$,,16,,22,,25],[$Average Shares Outstanding $-$ Diluted,,$4,339,,4,350,,4,340]]$

${?}^1$ Calculated based on net income attributable to shareowners of The Coca$-$Cola Company.

Refer to Notes to Consolidated Financial Statements. THE COCA$-$COLA COMPANY AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

$($In millions except par value$)$

December $31,$ Consolidated Balance Sheet

PepsiCo, Inc. and Subsidiaries

December $30,2023$ and December $31,2022$

$($in millions except per share amounts$)$

LIABILITIES AND EQUITY

Commitments and contingencies

PepsiCo Common Shareholders' EquityTable of Contents

Consolidated Statement of Cash Flows $($continued$)$

PepsiCo, Inc. and Subsidiaries

Fiscal years ended December $30,2023,$ December $31,2022$ and December $25,2021$

$($in millions$)$Review the most recent annual reports of The Coca Cola Company and PepsiCo and focus on the balance sheet and inventory note included in the notes to the financial statements. Calculate the following ratios for each company for the last $2$ years using Microsoft Excel. Be sure you are utilizing the correct formulas and a separate tab for each ratio:

$1.$ Inventory turnover

$2.$ Average days in inventory