Income computation lor a manufacturing firm. The following data relate to Dow Chemical Corporation for a single year (amounts in millions):

January 1 December 31 Raw Materials Inventory $ 452 $ 373 Work-in-Process Inventory 843 837 Finished Goods Inventory 2,523 2,396 The company incurred manufacturing costs (direct material used, direct labor, and manufacturing overhead) during the year totaling $28,044. Sales revenue was $32,632, marketing and administrative expenses were $2,436, and interest expenses were $828. The income tax rate is 35 percent. Compute net income for the year.