Answered: (in millions) 2020 2021 2022 Beginning…

(in millions) 2020 2021 2022 Beginning inventory $1,900 $2,200 $2,400 Ending inventory 2,200 2,400 2,500 Cost of goods sold 18,040 20,010 19,600 Sales revenue 41,000 42,300 42,240

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Suppose this information is available for PepsiCo, Inc. for 2020, 2021, and 2022.
(in millions)
2020
2021
2022
Beginning inventory
$1,900
$2,200
$2,400
Ending inventory
2,200
2,400
2,500
Cost of goods sold
18,040
20,010
19,600
Sales revenue
41,000
42,300
42,240

Calculate the gross profit rate for 2020, 2021, and 2022. (Round gross profit rate to 1 decimal place, e.g. 5.1%.)
2020
2021
2022
Gross profit rate
%

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