Rhodes Corporations financial statements are shown below.

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

	2020		2019
Sales	$	12,000		$	10,000
Operating costs excluding depreciation		10,584			8,720
Depreciation and amortization		340			320
Earnings before interest and taxes	$	1,076		$	960
Less interest		160			100
Pre-tax income	$	916		$	860
Taxes (25%)		229			215
Net income available to common stockholders	$	687		$	645
Common dividends	$	202		$	200

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

	2020		2019
Assets
Cash	$	450		$	400
Short-term investments		210			200
Accounts receivable		2,750			2,500
Inventories		1,750			1,600
Total current assets	$	5,160		$	4,700
Net plant and equipment		3,850			3,500
Total assets	$	9,010		$	8,200
Liabilities and Equity
Accounts payable	$	900		$	800
Accruals		450			400
Notes payable		190			100
Total current liabilities	$	1,540		$	1,300
Long-term debt		900			800
Total liabilities	$	2,440			2,100
Common stock		4,985			5,000
Retained earnings		1,585			1,100
Total common equity	$	6,570		$	6,100
Total liabilities and equity	$	9,010		$	8,200

Suppose the federal-plus-state tax corporate tax is 25%. Answer the following questions.

1. What is the net operating profit after taxes (NOPAT) for 2020? Enter your answer in millions. For example, an answer of $1 million should be entered as 1, not 1,000,000. Round your answer to the nearest whole number.

$ million

1. What are the amounts of net operating working capital for both years? Enter your answers in millions. For example, an answer of $1 million should be entered as 1, not 1,000,000. Round your answers to the nearest whole number.

2020: $ million

2019: $ million

1. What are the amounts of total net operating capital for both years? Enter your answers in millions. For example, an answer of $1 million should be entered as 1, not 1,000,000. Round your answers to the nearest whole number.

2020: $ million

2019: $ million

1. What is the free cash flow for 2020? Enter your answer in millions. For example, an answer of $1 million should be entered as 1, not 1,000,000. Cash outflow, if any, should be indicated by a minus sign. Round your answer to the nearest whole number.

$ million

1. What is the ROIC for 2020? Round your answer to two decimal places.

%

1. 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 answers in millions. For example, an answer of $1 million should be entered as 1, not 1,000,000. Round your answers to the nearest whole number.

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