Rhodes Corporation: Income Statements for Year Ending December 31 (Millions of Dollars)

	2015		2014
Sales	$1,100.0		$1,000.0
Operating costs excluding depreciation	825.0		850.0
Depreciation and amortization	27.0		21.0
Earnings before interest and taxes	$248.0		$129.0
Less: Interest	24.0		22.0
Pre-tax income	$224.0		$107.0
Taxes (40%)	89.6		42.8
Net income available to common stockholders	$134.4		$64.2
Common dividends	$121.0		$51.0

Rhodes Corporation: Balance Sheets as of December 31 (Millions of Dollars)

	2015		2014
Assets
Cash	$15.0		$12.0
Short-term investments	6.0		5.0
Accounts receivable	138.0		120.0
Inventories	173.0		150.0
Total current assets	$332.0		$287.0
Net plant and equipment	273.0		210.0
Total assets	$605.0		$497.0
Liabilities and Equity
Accounts payable	$88.0		$80.0
Accruals	91.0		70.0
Notes payable	22.0		20.0
Total current liabilities	$201.0		$170.0
Long-term bonds	220.0		200.0
Total liabilities	$421.0		$370.0
Common stock	150.6		107.0
Retained earnings	33.4		20.0
Total common equity	$184.0		$127.0
Total liabilities and equity	$605.0		$497.0

a. What is the net operating profit after taxes (NOPAT) for 2015? Enter your answer in millions. For example, an answer of $1.2 million should be entered as 1.2, not 1,200,000. Round your answer to one decimal place. $ million

b. What are the amounts of net operating working capital for both years? Enter your answer in millions. For example, an answer of $1.2 million should be entered as 1.2, not 1,200,000. Round your answers to one decimal place. 2015 $ million 2014 $ million

c. What are the amounts of total net operating capital for both years? Enter your answer in millions. For example, an answer of $1.2 million should be entered as 1.2, not 1,200,000. Round your answers to one decimal place. 2015 $ million 2014 $ million

d. What is the free cash flow for 2015? Enter your answer in millions. For example, an answer of $1.2 million should be entered as 1.2, not 1,200,000. Round your answer to one decimal place. $ million

e. What is the ROIC for 2015? Round your answer to two decimal places. %

f. How much of the FCF did Rhodes use for each of the following purposes: after-tax interest, net debt repayments, dividends, net stock repurchases, and net purchases of short-term investments? (Hint: Remember that a net use can be negative.) Enter your answer in millions. For example, an answer of $1.2 million should be entered as 1.2, not 1,200,000. Round your answers to one decimal place.

After-tax interest payment	$ million
Reduction (increase) in debt	$ million
Payment of dividends	$ million
Repurchase (Issue) stock	$ million
Purchase (Sale) of short-term investments	$ million