Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.]
A food manufacturer reports the following for two of its divisions for a recent year.
($millions) Beverage Division Cheese Division
Invested assets, beginning $ 2,500 $ 4,700
Invested assets, ending 2,400 4,600
Sales 2,684 3,928
Operating income 352 637
Assume that each of the company’s divisions has a required rate of return of 6.00%. Compute residual income for each division. (Enter your answers in millions.)
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