Question
The following data relates to GenMet for the fiscal year ending October 31, 2013. Reported amounts are in millions of U.S. dollars ($). October 31,
The following data relates to GenMet for the fiscal year ending October 31, 2013.
Reported amounts are in millions of U.S. dollars ($).
October 31, 2013 October 31, 2012
Raw Materials Inventory. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $101.5 $ 73.7
Work-in-Process Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119.1 100.8
Finished Goods Inventory. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 322.3 286.2
GenMet incurred manufacturing costs (direct material, direct labor, manufacturing over- head) during fiscal 2013 totaling $2,752.0. Sales revenue was $6,700.2, selling and administrative expenses were $2,903.7, and interest expense was $151.9. The income tax rate is 35%. Round arithmetic computations to one digit after the decimal point.
how do you figure out GenMet's net income for fiscal year 2013.?
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