Suppose a company's cost of goods sold for years 2 and 3 were $231,170 and $247,190 respectively. Also suppose that inventory had a balance of $28,380 at the end of year 1, $28,796 at the end of year 2, and $29,972 at the end of year 3. If the annual growth in total revenues is 5.54% for the foreseeable future, calculate the forecasted inventory balance at the end of year 5. Assume the same inventory turnover in all future years as that in year 3 calculated using the average asset balances. Also assume the same gross margin % in all future years as that in year 3. Note that year 3 is the latest year with reported results, while years 4 onwards are all forecasted years. $31,738 $32,573 $33,408 $34,243 $35,079