Question 3 Inventory accounts: Using the excerpts below from PepsiCo, Inc.s Financial Statements and Notes to Financial Statements from its 2019 annual report, answer the following (NOTE: all numbers given in the excerpts are in $millions):

1. If PepsiCo. purchased $2,956 million worth of raw materials and packaging during the fiscal year ended 12/28/2019, how much raw materials and packaging did they use during the fiscal year ended 12/28/2019?
2. Calculate the Cost of Goods Manufactured for PepsiCo. for the fiscal year ended 12/28/2019

   Consolidated Balance Sheet
   PepsiCo, Inc. and Subsidiaries
   December 28, 2019 and December 29, 2018
   (in millions except per share amounts)
   	2019	2018
   ASSETS
   Current Assets
   Cash and cash equivalents	$ 5,509	$ 8,721
   Short-term investments	$ 229	$ 272
   Restricted cash	$ -	$ 1,997
   Accounts and notes receivable, net	$ 7,822	$ 7,142
   Inventories	$ 3,338	$ 3,128
   Prepaid expenses and other current assets	$ 747	$ 633
   Total Current Assets	$ 17,645	$ 21,893
   Note 15 Supplemental Financial Information
   Balance Sheet
   Inventories	2019	2018
   Raw materials and packaging	$ 1,395	$ 1,312
   Work-in-process	$ 200	$ 178
   Finished goods	$ 1,743	$ 1,638
   Total	$ 3,338	$ 3,128

   Consolidated Statement of Income
   PepsiCo, Inc. and Subsidiaries
   Fiscal years ended December 28, 2019, December 29, 2018 and December 30, 2017
   (in millions except per share amounts)
   	2019	2018	2017
   Net Revenue	$ 67,161	$ 64,661	$ 63,525
   Cost of sales	$ 30,132	$ 29,381	$ 28,796
   Gross profit	$ 37,029	$ 35,280	$ 34,729
   Selling, general and administrative expenses	$ 26,738	$ 25,170	$ 24,453
   Operating Profit	$ 10,291	$ 10,110	$ 10,276
   Other pension and retiree medical benefits (expense)/income	$ (44)	$ 298	$ 233
   Interest expense	$ (1,135)	$ (1,525)	$ (1,151)
   Interest income and other	$ 200	$ 306	$ 244
   Income before income taxes	$ 9,312	$ 9,189	$ 9,602
   Provision for/(benefit from) income taxes (See Note 5)	$ 1,959	$ (3,370)	$ 4,694
   Net income	$ 7,353	$ 12,559	$ 4,908
   Less: Net income attributable to noncontrolling interests	$ 39	$ 44	$ 51
   Net Income Attributable to PepsiCo	$ 7,314	$ 12,515	$ 4,857