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Compute genmet net income for fiscal year

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Reference no: EM132934422

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.

Reference no: EM132934422

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