19. The 2016 Income Statement for Illiad Enterprises, Inc., appears below. Illiad's marketing department forecasts sales of $3,820,000 for 2017. Use a simple percent of sales calculation to estimate Illiad's cost of goods sold (COGS) for 2017. CHAPTER 12 2016 $3,432,000 2,864,000 Sales COGS Other expenses 340,000 Deprec. 18,900 3,222,900 209,100 62,500 Tot. op. costs EBIT Int. expense Pre-tax earnings 146,600 Taxes (40%) Net income 58,640 $87,960 $3,120,202.4 S3,319,223.59 $2,987,100.90 G $3,187,785.55