The following is the 2013 income statement for Lamps, Inc.

in millions of dollars net sales 100

less: cost of good sold 80

gross profits 20

less: depreciation 5

EBIT 15

less: interest 2

EBT 13

less: taxes 5

net income 8

The CEO of Lamps wants the company to earn a net income of $12 million in 2014. Cost of goods sold is expected to be 75 percent of net sales, depreciation expense is not expected to change, interest expense is expected to increase to $4 million, and the firm's tax rate will be 40 percent. What is the net sales needed to produce net income of $12 million? explain by steps.