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 $18.600 Less: Cost of goods sold 8.500 Gross profits $10.100 Less: Other operating expenses 3.900 Earnings before interest, taxes, depreciation, and amortization (EBITDA) $ 6.200 Less: Depreciation 3.300 Earnings before interest and taxes (EBIT) $ 2.900 Less: Interest 0.815 Earnings before taxes (EBT) $ 2.085 Less: Taxes 0.438 Net income $ 1.647 The CEO of Tom and Sue's wants the company to earn a net income of $2.950 million in 2022. Cost of goods sold is expected to be 50 percent of net sales, depreciation and other operating expenses are not expected to change, interest expense is expected to increase to $1.281 million, and the firm's tax rate will be 21 percent. Calculate the net sales needed to produce net income of $2.950 million. (Enter your answer in millions of dollars rounded to 3 decimal places.) Answer is complete but not entirely correct. Net sales $ 1.730 X million