Work backward to find new breakeven point (Learning Objectives 2, 3)

Bevil Industries is planning on purchasing a new piece of equipment that will increase the quality of its production. It hopes the increased quality will generate more sales. The company's contribution margin ratio is \(40 \%\), and its current breakeven point is \(\$ 500,000\) in sales revenue. If Bevil Industries' fixed expenses increase by \(\$ 40,000\) due to the equipment, what will its new breakeven point be (in sales revenue)?