Rhodes Corporation’s financial statements are shown below.

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

	2020			2019
Sales	$	12,000		$	11,000
Operating costs excluding depreciation		10,600			9,722
Depreciation and amortization		380			350
Earnings before interest and taxes	$	1,020		$	928
Less interest		140			100
Pre-tax income	$	880		$	828
Taxes (25%)		220			207
Net income available to common stockholders	$	660		$	621
Common dividends	$	202		$	200

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

	2020			2019
Assets
Cash	$	550		$	500
Short-term investments		110			100
Accounts receivable		2,750			2,500
Inventories		1,850			1,700
Total current assets	$	5,260		$	4,800
Net plant and equipment		3,750			3,500
Total assets	$	9,010		$	8,300
Liabilities and Equity
Accounts payable	$	1,300		$	1,200
Accruals		650			600
Notes payable		190			100
Total current liabilities	$	2,140		$	1,900
Long-term debt		1,300			1,200
Total liabilities	$	3,440			3,100
Common stock		4,422			4,400
Retained earnings		1,368			1,000
Total common equity	$	5,790		$	5,400
Total liabilities and equity	$	9,230		$	8,500

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

2. 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

3. 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

4. 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

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

     %

6. 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