Problem 2-37 Income Statement (LG2-1) Listed below is the 2021 income statement for Tom and Sue Travels, Inc. TOM AND SUE TRAVELS, INC. Income Statement for Year Ending December 31, 2021 (in millions of dollars) Net sales $19.200 Less: Cost of goods sold 8.800 Gross profits $10.400 Less: Other operating expenses 4.050 Earnings before interest, taxes, depreciation, and amortization (EBITDA) $ 6.350 Less: Depreciation 3.600 Earnings before interest and taxes (EBIT) $ 2.750 Less: Interest 0.830 Earnings before taxes (EBT) $ 1.920 Less: Taxes 0.403 Net Income $ 1.517 The CEO of Tom and Sue's wants the company to earn a net income of $3.100 million in 2022. Cost of goods sold is expected to be 60 percent of net sales, depreciation and other operating expenses are not expected to change, interest expense is expected to increase to $1.296 million, and the firm's tax rate will be 21 percent. Calculate the net sales needed to produce net income of $3.100 million (Enter your answer in millions of dollars rounded to 3 decimal places.) Answer is complete but not entirely correct. Net sales 19.305 million