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Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) A food manufacturer reports the following
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) A food manufacturer reports the following for two of its divisions for a recent year. ($ millions) Invested assets, beginning Invested assets, ending Sales Operating income Beverage Division $ 2,684 2,604 2,692 360 Cheese Division $ 4,477 4,411 3,936 645 Exercise 22-13 Residual income LO A1 Assume that each of the company's divisions has a required rate of return of 6%. Compute residual income for each division. (Enter your answers in millions.) Beverage Cheese ($ millions) Operating income Targeted return Target income Residual Income Beverage Cheese Residual income
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