(Financial forecesting - percent of sales) Next year's sales for Curnbetand Mig, are expected to be $22.80 million. Current sailes are $19 millicn, based on current assets of $6.33 milion and fixed assets of $9.50 milion. The firm's net profit margin is 5 porcent afier taxes. Cumberland estimates that its current assets will riso in direct proportion to the increase in sales, but that its fixed assets well increase by only $200,000, Curtently. Cumberland has $1.50 million in accounts payable (which vary directly with salos), $2 million in long-term debt (due in 10 years), and common oquity (including $1 million in retainod earnings) totaling \$12.33 milion Cumberland plars to pay $0.23 milion in common stock dividonds next year: a. What are Cumberland's total financing neods (that is, total assets) for the coming year? b. Given the firm's propocsons and dividend payment plans, what are its discrotionary financing noeds? c. Based on your projections, and assuming that the $200,000 oxpansion in foed assots will occur, what is the largost increase in sales the firm can support without having to rescet to the use of discretionary sources of financing? a. What are Cumberlands total financing needs (taht is, total assets) for tho ceming yoar? milion (Resund to two encimal places)