Hey, can you please solve this :) Thank you!!
Quantitative Problem: At the end of last year, Edwin Inc. reported the following income statement (in millions of dollars):
|Operating costs excluding depreciation||3,083|
Looking ahead to the following year, the company's CFO has assembled this information:
Year-end sales are expected to be 6% higher than $4.27 billion in sales generated last year.
Year-end operating costs, excluding depreciation, will equal 70% of sales.
Depreciation costs are expected to increase at the same rate as sales.
Interest costs are expected to remain unchanged.
The tax rate is expected to remain at 40%.
On the basis of this information, what will be the forecast for Edwin's year-end net income? Round your answer to the nearest whole million. Do not round intermediate calculations. Enter all values as positive numbers.
|(in millions of dollars)|
|Operating costs including depreciation|
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