The notes that accompany a company"s financial statements provide informative details that would clutter the amounts and descriptions presented in the statements. Refer to the financial statements of Tootsie Roll and the accompanying Notes to Consolidated Financial Statements in Appendix A.
Answer the following questions. (Give the amounts in thousands of dollars, as shown in Tootsie Roll"s annual report.)
(a) What did Tootsie Roll report for the amount of inventories in its Consolidated Balance Sheet at December 31, 2009? At December 31, 2008?
(b) Compute the dollar amount of change and the percentage change in inventories between 2008 and 2009. Compute inventory as a percentage of current assets for 2009.
(c) What are the (product) cost of goods sold reported by Tootsie Roll for 2009, 2008, and 2007? Compute the ratio of (product) cost of goods sold to net (product) sales in 2009.