Assignment Problem: The following data relates to GenMet for the fiscal year ending October 31, 2013.
Reported amounts are in millions of U.S. dollars ($).
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31-Oct-13
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31-Oct-12
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Raw Materials Inventory
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$101.50
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$73.70
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Work-in-Process Inventory
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119.1
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100.8
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Finished Goods Inventory
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322.3
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286.2
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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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