\begin{tabular}{c|c} & A \\ \hline 1 & Munch Manufacturing Income Statement \end{tabular} Munch Manufacturing income Statement 3 Al figuresin thousands except per share figures Fiscal Year Ending Sept. 30, 2019 \begin{tabular}{l|l} 43 & \\ \hline 5 & \\ \hline 6 & Net Sales \\ \hline 7 & Cost of Goods Sold \\ \hline 8 & Gross Profit \end{tabular} All figuresin thousands except per share figures \begin{tabular}{ll} 8 & Gross Profit \\ \hline 9 & 5, G \& A Axpense \\ \hline 10 & Depreciation Expense \\ \hline 11 & EBIT \end{tabular} 12 interest 13 EBT 14Taxes(34%) 15 Net Income 2019 \begin{tabular}{l|l|} \hline 16 & \\ \hline 17 & Dividends Paid \\ \hline 18 & Addition to Retained Earnings \\ \hline 19 \end{tabular} 20 Other Data 21 Market Price of Common Shares 22 a Shares Outstanding (000s) 23 Weighted Average Cost of Capltal 24 Average Tax Rate 2625 19,875 7,172 Accounts Payable Notes Payable Accrued Expenses Forescasting Assumptions: 2020 Sales grow by 6.0% over 2019 Sales 2020 Dividends Paid \$21,186 Fixed Assets Net of Depreciation increase by $6,500 (\$6.5 million) Use 2019% of Sales figures to forecast 2020 accounts Round all forecasted figures to the nearest dollar This question requires you to forecast Munch's pro forma income statement for 2020 using the 2019 data and the following assumptions: - 2020 sales are 6.0% higher than 2019 Sales - 2020 Dividends Paid are $21,186 - 2020 Fixed Assets Net of Depreciation are increased by 6,500 (\$6.5 million) over 2019 - 2020 Addition to Retained Earnings is added to Retained Earnings on the 2020 pro forma balance sheet - All figures are in thousands of dollars, and all answers will also be in thousands of dollars. What is Much's forecasted Gross Profit for 2020? Round your answer to the nearest thousand