Reference no: EM132671536

Income computation for a manufacturing firm. The following data relate to GenMet, a U.S.- based consumer goods manufacturing firm, for the fiscal year ending October 31, 2013. Reported amounts are in millions of U.S. dollars ($).

                                                                 October 31, 2013                    October 31, 2012

Raw Materials Inventory. . . . . . . . . . . . . . . $101.5                           $ 73.7

Work-in-Process Inventory . . . . . . . . . . . . . $119.1                            $100.8

Finished Goods Inventory. . . . . . . . . . . $322.3                                      $286.2

GenMet incurred manufacturing costs (direct material, direct labor, manufacturing overhead) during fiscal 2013 totaling $2,752.0. Sales revenue was $6,700.2, selling and administrative expenses were $2,903.7, and interest expense was $151.9. The income tax rate is 35%. Round arithmetic computations to one digit after the decimal point.

Problem 1: Compute GenMet's net income for fiscal year 2013.