Year Ended December 31,	2020	2019	2018
Net Operating Revenues	$ 33,014	$ 37,266	$ 34,300
Cost of goods sold	13,433	14,619	13,067
Gross Profit	19,581	22,647	21,233
Selling, general and administrative expenses	9,731	12,103	11,002
Other operating charges	853	458	1,079
Operating Income	8,997	10,086	9,152
Interest income	370	563	689
Interest expense	1,437	946	950
Equity income (loss)net	978	1,049	1,008
Other income (loss)net	841	34	(1,674)
Income Before Income Taxes	9,749	10,786	8,225
Income taxes	1,981	1,801	1,749
Consolidated Net Income	7,768	8,985	6,476
Less: Net income (loss) attributable to noncontrolling interests	21	65	42
Net Income Attributable to Shareowners of The Coca-Cola Company	$ 7,747	$ 8,920	$ 6,434
Basic Net Income Per Share	$ 1.80	$ 2.09	$ 1.51
Diluted Net Income Per Share	$ 1.79	$ 2.07	$ 1.50
Average Shares OutstandingBasic	4,295	4,276	4,259
Effect of dilutive securities	28	38	40
Average Shares OutstandingDiluted	4,323	4,314	4,299

Consolidated Statement of Income
PepsiCo, Inc. and Subsidiaries
Fiscal years ended December 26, 2020, December 28, 2019 and December 29, 2018
(in millions except per share amounts)
	2020	2019	2018
Net Revenue	$ 70,372	$ 67,161	$ 64,661
Cost of sales	31,797	30,132	29,381
Gross profit	38,575	37,029	35,280
Selling, general and administrative expenses	28,495	26,738	25,170
Operating Profit	10,080	10,291	10,110
Other pension and retiree medical benefits income/(expense)	117	(44)	298
Net interest expense and other	(1,128)	(935)	(1,219)
Income before income taxes	9,069	9,312	9,189
Provision for/(benefit from) income taxes (See Note 5)	1,894	1,959	(3,370)
Net income	7,175	7,353	12,559
Less: Net income attributable to noncontrolling interests	55	39	44
Net Income Attributable to PepsiCo	$ 7,120	$ 7,314	$ 12,515
Net Income Attributable to PepsiCo per Common Share
Basic	$ 5.14	$ 5.23	$ 8.84
Diluted	$ 5.12	$ 5.20	$ 8.78
Weighted-average common shares outstanding
Basic	1,385	1,399	1,415
Diluted	1,392	1,407	1,425

(a) What are the sales revenue, gross profit, operating profit, and net income for these two companies over the 3-year period 2018-2020? Which company, in your opinion, has had better financial results over this period of time? (b) Create common-size income statements of Coca-Cola and PepsiCo. (You may directly work on the Excel spreadsheet posted. Don't forget to submit your spreadsheet together with your other answers.) (c) Evaluate the financial performance of these two companies over the 3-year period 2018-2020 using the ratios you calculated in common-size income statements. Also, comment on any unusual events if you can identify. (a) What are the sales revenue, gross profit, operating profit, and net income for these two companies over the 3-year period 2018-2020? Which company, in your opinion, has had better financial results over this period of time? (b) Create common-size income statements of Coca-Cola and PepsiCo. (You may directly work on the Excel spreadsheet posted. Don't forget to submit your spreadsheet together with your other answers.) (c) Evaluate the financial performance of these two companies over the 3-year period 2018-2020 using the ratios you calculated in common-size income statements. Also, comment on any unusual events if you can identify