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X Content CengageNOW2 Online beach X signment/takelssignment Main.do?invokera&takeAssignmentSessionlocator=&inprogress-false CengageNoW2 Assignment X + ebook Co-onsethome Statements General...

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X Content CengageNOW2 Online beach X signment/takelssignment Main.do?invokera&takeAssignmentSessionlocator=&inprogress-false
X Content CengageNOW2 Online beach X signment/takelssignment Main.do?invokera&takeAssignmentSessionlocator=&inprogress-false CengageNoW2 Assignment X + ebook Co-onsethome Statements General Mills Inc. (GIS) produces, markets, and distributes cereal and food products including Cheerios, Wheatles, Cocoa Puffs, Yoplait, and Pillsbury branded products. The towing partial income statements (in millions) were adapted from recent financial statements. Year 1 Year 2 Sale $15,620 Cost of goods sold $15,740 (10,313) (10,056) $5,427 Gross profit Selling and administrative expenses Operating income $ 5,564 (2,801) (2,753) $ 2,674 $ 2,763 1. Prepare common-sized income statements for Years 1 and 2. Round your answers to one decimal place General Mills Inc. Common-Sized Income Statement Year 1 and 2 Yeart Year 2 Increase (Decrease) Sales Cost of goods sold Gross profit Selling and administrative expenses 96 90 Operating income 2. What is the primary cause of the decrease in operating income in Year 2

Answers

1. Common sized income statement

Particulars Year 1 Year 2 Increase/(Decrease)
Sales 100% 100% NA
COGS 64.38% 65.52% 1.14%
Gross profit 35.62% 34.48% (1.14%)
Selling &Adm expenses 17.93% 17.49% (0.44%)
Operating income 17.69% 16.99% (0.7%)

% is calculated by respective amount / respective year sales *100

2. Reason for decrease in operating income in year 2 is due to decrease in gross margin %

.

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