Solution-Compute GenMet net income for fiscal year

Compute GenMet net income for fiscal year

Reference no: EM132710061

Question - Please answer the following question.

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. Compute GenMet's net income for fiscal year 2013.

Reference no: EM132710061

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Compute GenMet net income for fiscal year

Reference no: EM132710061

Reference no: EM132710061

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