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Owens Electronics has nine operating plants in seven southwestern states. Sales for last year were $100 million, and the balance sheet at year-end is similar

Owens Electronics has nine operating plants in seven southwestern states. Sales for last year were $100 million, and the balance sheet at year-end is similar in percentage of sales to that of previous years (and this will continue in the future). All assets (including fixed assets) and current liabilities will vary directly with sales. The firm is working at full capacity.

Balance Sheet (in $ millions)
Assets Liabilities and Stockholders' Equity
Cash $ 11 Accounts payable $ 23
Accounts receivable 28 Accrued wages 10
Inventory 29 Accrued taxes 13
Current assets $ 68 Current liabilities $ 46
Fixed assets 46 Notes payable 18
Common stock 20
Retained earnings 30
Total assets $ 114 Total liabilities and stockholders' equity $ 114

Owens Electronics has an aftertax profit margin of 10 percent and a dividend payout ratio of 50 percent.

If sales grow by 30 percent next year, determine how many dollars of new funds are needed to finance the growth. (Do not round intermediate calculations. Enter your answer in dollars, not millions, (e.g., $1,234,567).)

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