Price Corporation is considering selling to a group of new customers and creating new annual sales of $490,000. 4% will be uncollectible. The collection cost on all accounts is 4% of new sales, the cost of producing and selling is 78% of sales, and the firm is in the 21% tax bracket. What is the profit on new sales?

Multiple Choice

$54,194

$55,322

$56,372

$55,481