Find the dollar cost of goods sold for the year 2013, using the percent-of-sales method for projecting financial statements.

2012 Sales: $100M

2012 COGS: $40M

2013 sales growth rate: 20%

Answers: $26M; $35M; $39M; $45M; or $48M

My work: (COGS/Sales)(1+sales growth rate) = (40/100)(1.20) => 48 M {Is this equation right?}