INCOME STATEMENT Edmonds Industries is forecasting the following income statement Sales Operating costs excluding depreciation & amortization EBITDA Depreciation and amortization EBIT Interest EBT Taxes (40%) Net income $5,000,000 2,750,000 $2,250,000 600,000 $1,650,000 S00,000 1,150,000 460,000 S690,000 The CEO would like to see higher sales and a forecasted net income of $931,500. Assume that operating costs (excluding depreciation and amortization) are 55% of sales and that depreciation and amortization and interest expenses will increase by 8%. The tax rate, which is 40%, will remain the same. (Note that while the tax rate remains constant, the taxes paid will change.) what level of sales would generate $931,500 in net income? If necessary, round your answer to the nearest dollar at the end of the calculations. Grade It Now Save & Continue