Chapter 9
Working Capital
unfinished suntan lotions costing $12,700 and finished suntan lotions costing $28,500.
Compute the amount of cost of goods sold for the year.
21. Income computation for a manufacturing firm. The following data relate to GenMet, a U.S.-
based consumer goods manufacturing firm, for the fiscal year ending October 31, 2013.
Reported amounts are in millions of U.S. dollars ($).
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 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%. Round arithmetic computations to one digit after the decimal point. Compute GenMet's net income for fiscal year 2013.