Kellogg Company is the world's leading producer of ready-to-eat o ading producer of grain-based convenience foods such as frozen waffles and ppose the following items were taken from its 2014 income statement a et. (All dollars are in millions.) Retained earnings Cost of goods sold Selling and administrative expenses Cash Notes payable $5.481 7,184 Bonds payable Inventory Sales revenue 3,390 334 Accounts payable Common stock Income tax expense 44 Interest 205
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- Kellogg Company has its headquarters in Battle Creek, Michigan. The company manufactures and sells ready-to-eat breakfast cereals and convenience foods including cookies, toaster pastries, and cereal bars. Selected data from Kellogg Company’s recent annual report follows (dollar amounts in millions). Current Year Prior Year 2 Years Ago Sales $14,580 $14,792 $14,197 Gross profit % 34.73 41.26 38.28 Operating profit 1,024 2,837 1,562 Net cash flow less capital expenditures 1,211 1,170 1,225 Net earnings 633 1,808 961 In its annual reports, Kellogg Company has indicated that it plans to achieve sustainability of its operating results with operating principles that emphasize profit-rich, sustainable sales growth, as well as cash flow and return on invested capital. Kellogg believes its steady earnings growth, strong cash flow, and continued investment during a multi-year period demonstrates the strength and flexibility of its business…Calculate gross profit, cost of goods sold, and selling price MBI, Inc., had sales of $600 million for fiscal 2016. The company’s gross profit ratio for that year was 31.2%.Required:a. Calculate the gross profit and cost of goods sold for MBI, Inc., for fiscal 2016.b. Assume that a new product is developed and that it will cost $1,634 to manufacture. Calculate the selling price that must be set for this new product if its gross profit ratio is to be the same as the average achieved for all products for fiscal 2016.c. From a management viewpoint, what would you do with this information?Determining Cost of Goods Sold For a recent year, TechMart reported sales of $51,322 million. Its gross profit was $14,370 million. What was the amount of TechMart's cost of goods sold? (Enter answer in millions.)$ million
- Jill Barksalot owns Jill's Jams, a condiment conglomerate focused on world dominance. She sells a variety of jellies and jams that are just to die for mwhahaha. Using the provided data on her last several years of sales, prepare a statement of trend percentages using 2017 as the base year. (in millions) 2017 2018 2019 2020 Sales 13,241 14,122 11,957 13,244 Cost of goods sold 8,987 9,534 8,272 9,101 Gross margin 4,254 4,588 3,685 4,143 2017 2018 2019 2020 Sales Cost of Goods Sold Gross MarginDetermining cost of goods soldFor a recent year, Best Buy (BBY) reported sales of $39,528 million. Itsgross profit was $9,191 million. What was the amount of Best Buy's costof goods sold?Calculate gross profit, cost of goods sold, and selling price MBI Inc, had sales of $900 million for fiscal 2022. The company’s gross profit ratio for that year was 37.5%.Required:Calculate the gross profit and cost of goods sold for MBI for fiscal 2022.Assume that a new product is developed and that it will cost $1,625 to manufacture. Calculate the selling price that must be set for this new product if its gross profit ratio is to be the same as the average achieved for all products for fiscal 2022.From a management viewpoint, what would you do with this information?
- The Clorox Company (CLX) and The Procter & Gamble Company (PG) produce and sell packaged consumer products around the world. Income and interest expense information from financial statements for a recent year follows (in millions): Clorox Procter & Gamble Interest expense $88 $579 Income before income tax expense 983 13,369 a. Compute the time's interest earned for each company. Round to one decimal place. Clorox: Procter & Gamble:Analyze and compare Clorox and Procter & Gamble The Clorox Company (CLX) and The Procter & Gamble Company (PG) produce and sell packaged consumer products around the world. Income and interest expense information from financial statements for a recent year follows (in millions): Clorox Procter & Gamble Interest expense $88 $579 Income before income tax expense 983 13,369 a. Compute the times interest earned for each company. Round to one decimal place. Clorox: fill in the blank 1 Procter & Gamble: fill in the blank 2 b. If you were a lender to these two companies, which one appears to have the greater coverage of interest expense and thus the greater protection for your loan interest?Ratios Analysis: McCormick McCormick & Company, Inc. is one of the world's leading producers of spices, herbs, seasonings, condiments, and other flavorings for foods. Its products are sold to consumers, with some of the leading brands of spices and seasonings, as well as to industrial producers of foods. McCormick's consolidated balance sheets for 2012 and 2013 follow. McCormick: Consolidated Balance Sheets Dollar Amounts in Millions 2012 2013 Assets Current Assets Cash and Equivalents $ 79.0 $ 63.0 Receivables 465.9 495.5 Inventories 615.0 676.9 Prepaid Expenses and Other Assets 125.5 134.8 Total Current Assets $ 1,285.4 $ 1,370.2 Property and Equipment, Net 547.3 576.6 Goodwill 1,695.3 1,798.5 Intangible Assets, net 323.5 333.4 Investments and Other Assets 313.9 371.0 Total Assets $ 4,165.4 $ 4,449.7 Liabilities and Shareholders' Equity Current Liabilities Short-Term Borrowings $ 140.3 $ 211.6 Current Portion of…
- The Caribbean Candy Company through its Caribbean Candy Division isalso the sole wholesale distributor of MM candy. The company servicesgroceries, convenience stores, and drugstores throughout the Caribbeanregion. Small but steady growth in sales has been achieved over the pastfew years while MM candy prices have been increasing. The company isformulating plans for the coming fiscal year (2021). Presented below are thedata used to project the current year’s after-tax net income of USD$264,960. Average Selling Price $9.60 per boxAverage Variable costsCandy production $4.80 per boxSelling Expense 0.96 per boxTotal average Variable Costs $5.76 per boxAnnual Fixed Costs:Selling $384,000Administrative 672,000Total annual Fixed Costs $1,056,000Expected annual sales volume (boxes) 390,000Tax rate 40% The Manufacturer of MM candy in the United States has announced thatthey will increase prices of their products an average 15 percent in thecoming year (2021) due to increases in raw materials…The Caribbean Candy Company through its Caribbean Candy Division isalso the sole wholesale distributor of MM candy. The company servicesgroceries, convenience stores, and drugstores throughout the Caribbeanregion. Small but steady growth in sales has been achieved over the pastfew years while MM candy prices have been increasing. The company isformulating plans for the coming fiscal year (2021). Presented below are thedata used to project the current year’s after-tax net income of USD$264,960. Average Selling Price $9.60 per boxAverage Variable costsCandy production $4.80 per boxSelling Expense 0.96 per boxTotal average Variable Costs $5.76 per boxAnnual Fixed Costs:Selling $384,000Administrative 672,000Total annual Fixed Costs $1,056,000Expected annual sales volume (boxes) 390,000Tax rate 40% The Manufacturer of MM candy in the United States has announced thatthey will increase prices of their products an average 15 percent in thecoming year (2021) due to increases in raw materials…Starship Corporation reported the following geographical segment revenues for a recent and a prior fiscal year: Recent Year(in millions, rounded) Prior Year(in millions, rounded) Americas $10,479 $8,073 EMEA* 1,217 1,295 China/Asia Pacific 2,396 1,130 Channel Development** 1,731 1,546 Other 2,236 1,695 Total $18,059 $13,739 *Europe, Middle East, and Africa **Sells packaged coffee and teas globally a. Prepare a horizontal analysis of the segment data using the prior year as the base year. Round all percents to one decimal place. Enter all amounts in millions. If required, use minus sign to indicate the decreasing values. Starship Corporation Horizontal Analysis Recent Year (in millions) Prior Year (in millions) Increase (Decrease)Amount Increase (Decrease)Percent Americas $10,479 $8,073 $fill in the blank 15396ff9101df9f_1 fill in the blank 15396ff9101df9f_2% EMEA 1,217 1,295 fill in the blank 15396ff9101df9f_3 fill…