Munch Manufacturing Income Statement Munch Manufacturing Income Statement Fiscal Year Ending Sept. 30, 2022 Fiscal Year Ending Sept. 30, 2022 All figures in thousands except per share figures All figures in thousands except per share figures 2022 2022 Net Sales 257,385 Cash 23,848 Cost of Goods Sold 120,971 Marketable Securities 6,384 Gross Profit 136,414 Accounts Receivable 31,685 S, G & A Expense 91,372 Inventory 16,994 Depreciation Expense 1,318 Prepaid Expenses 866 EBIT 43,724 Total Current Assets 79,777 Interest 2,743 Fixed Assets 66,421 EBT 40,981 Accumulated Depreciation (14,805) Taxes (34%) 13,934 Fixed Assets Net of Depreciation 51,616 Net Income 27,047 Total Assets 131,393 Dividends Paid 19,875 Accounts Payable 15,686 Addition to Retained Earnings 7,172 Notes Payable 4,845 Accrued Expenses 14,241 Other Data Total Current Liabilities 34,772 Market Price of Common Shares $ 23.78 Long-Term Debt 22,580 # Shares Outstanding (000s) 7,500 Total Liabilities 57,352 Weighted Average Cost of Capital 6.90% Common Stock ($1 Par) 7,500 Average Tax Rate 34.00% Capital Paid In Excess of Par 30,632 Retained Earnings 35,909 Total Common Equity 74,041 Total Liabilities and Equity 131,393 Forescasting Assumptions: 2023 Sales grow by 6.0% over 2022 Sales 2023 Dividends Paid $21,186 Fixed Assets Net of Depreciation increase by $6,500 ($6.5 million) Use 2022 % of Sales figures to forecast 2023 accounts Treat Prepaid Expenses as a nonoperating account. Round all forecasted figures to the nearest thousand This question requires you to forecast Munch's pro forma income statement for 2023 using the 2022 data and the following assumptions: 2023 sales are 6.0% higher than 2022 Sales 2023 Dividends Paid are $21,186 2023 Fixed Assets Net of Depreciation are increased by 6,500 ($6.5 million) over 2022 2023 Addition to Retained Earnings is added to Retained Earnings on the 2022 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 EBIT for 2023? Round your answer to the nearest thousand.