Anthony Gray has been interested in music since he was old enough to sit at the piano. He literally grew up with music, and he used his talent to earn his way through college. Anthony has grown tired of his job at a large music house in Houston and is seriously considering moving back to his hometown in Massachusetts to open his own small music shop. In researching this venture, Anthony notices that he must include a projected income statement in his loan application. Use the following statistics from Robert Morris Associates' Annual Statement Studies to answer the following question(s). Net Sales 100.0 percent Cost of Sales 59.9 percent Gross Profit 40.1 percent Operating Expenses 31.2 percent Net Profit (Before Taxes) 8.9 percent 1) Suppose that a market survey indicates that Anthony's proposed business is likely to generate only $190,000 in sales. What net profit should Anthony expect to earn? 2) What sales level would Anthony need to reach in order to earn $75,000 in profit? 3) Suppose Anthony's sales were $1,000,000. What is his gross profit level, given the information above? 4) Michelle Becker's target income in her business for the upcoming year is $78,500. The company's gross profit margin averages 34 percent of sales, and its total operating expenses run 25 percent of sales. To achieve her target income, sales of Michelle's company should be at what level? 5) If Michelle's sales were $150,000 what would her total operating expenses be