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Meadow Industries is forecasting the following income statement: $15,000,000 Sales Operating costs excluding depreciation EBITDA Depreciation EBIT Interest EBT Taxes (35%) Net income 9,000,000 $ 6,000,000 2,500,000 $ 3,500,000 1,000,000 $ 2,500,000 875,000 $ 1,625,000 The CEO would like to see higher sales and a forecasted net income of $3,000,000. Assume that operating costs (excluding depreciation) are 60% of sales and that depreciation and interest expenses will increase by 20%. The tax rate will remain at 35%. What level of sales would generate $3,000,000 in net income? d. $22,038,462 Selected Answer: Answers: $27,692,308 a. b. $16,375,000 $20,124,068 C. d. $22,038,462 $17,075,000 e