Question - Income Computation for a Manufacturing Firm
The following data relate to GenMet, a U.S. based consumer goods manufacturing firm, for the fiscal year ending October 31, 2013. Reported amounts are in millions of U.S. dollars ($).
GenMet incurred manufacturing costs (direct material, direct labor, manufacturing overhead) 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%.
Compute GenMet's net income for fiscal year 2013. Round your calculations and answer to one decimal place. Enter the amount in millions.