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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
Problem 1: 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.
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