Income Computation for a Manufacturing Firm: The following data relate to GenMet, a U.S. based...

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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.
	
Document Preview: 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.

Robert · Accepted Answer

COMPUTATION OF INCOME OF GENMET FOR FISCAL YEAR 2013
COMPUTATION OF INCOME OF GENMET FOR FISCAL YEAR 2013
	PARTICULARS
	AMOUNT(MILLIONS OF $)
	SALES
	6,700.2
	LESS:COST OF GOODS SOLD
	(2,669.8)
	GROSS PROFIT
	4,030.4
	LESS:SELLING &ADMINISTRATIVE EXPENSE
	(2,903.7)
	NET PROFIT BEFORE INTEREST & TAX
	1,126.7
	LESS:

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...

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