Problem
In its financial statements KRJ International reported net income of $35 million and an effective tax rate of 26%. Total assets were reported at the beginning of the year as $303 million and at the end of the year $373 million. The LIFO reserve was reported at the beginning of the year as $38 million and at the end of the year $46 million. Calculate the return on assets after including the adjustment for LIFO. Present your answer in percentage terms, rounded to one decimal place, e.g., 12.3%.