The Minnesota Mining and Manufacturing Company (3M) gives the following description of its business: 3M is a diversified technology company with a global presence in the following businesses: industrial and transportation; health care; display and graphics; consumer and office; safety, security and protection services; and electro and communications. 3M is among the leading manufacturers of products for many of the markets it serves. Most 3M products involve expertise in product development, manufacturing and marketing . . . Familiar 3M products include Scotch tape and the ubiquitous Post-it notes. Inventory data from 3M€™s 2007 10-K report are as follows (in millions of U.S. dollars):

1. Compute cost of goods manufactured for 2007.
2. Compute total manufacturing costs for 2007.
3. Compute number of days€™ sales in inventory for 2007 (use average inventory). Make the calculation using:
(a) Total inventory
(b) Finished goods inventory
4. Of the two numbers you computed in (3), which is more meaningful?Explain.

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2007 2006 Cost of goods sold . . . Inventories: $12735 1713 $11,713 $1,235 795 571 52352-601 1,349 880 623 Work In process.. Total Inventories