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The following information was taken from General Mills 2017 annual report: Fiscal Year 2017 Net sales Cost of sales In Millions Inventories: Raw materials
The following information was taken from General Mills 2017 annual report: Fiscal Year 2017 Net sales Cost of sales In Millions Inventories: Raw materials and packaging Finished goods Grain Excess of FIFO over LIFO cost (a) Total Inventory (Balance Sheet) 15,619.8 10,056.0 $ 2016 16,563.1 $ 10,733.6 May 28, 2017 $ 395.4 1,224.3 73.0 (209.1) $1,483.6 2015 17,630.3 11,681.1 May 29, 2016 $ 397.3 1,163.1 72.6 (219.3) $1,413.7 What would General Mills year ending May 28, 2017 cost of goods sold have been had it used FIFO rather than LIFO for all its inventories (in millions to the tenths, e.g. 6.2)?
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