This and the next several questions will require you to complete Miasma Intelligence Technology, Inc.'s (MIT) annual balance sheet and regular income statement for year 1, which is presented below. You should write down each answer on scratch paper as you move through this part of the exam. Based on the balance sheet, income statements and the information included in the box below, determine the amount that should be in each empty box. ROUND YOUR ANSERS TO THE NEAREST DOLLAR ($). QUESTION: What is the cost of sales balance for year 1?

Days in inventory		38		Income tax rate		28%
Days in accounts payable		34		Operating expenses		19.5%
Days in accounts receivable		41		Days in the year		365
Gross profit		45%

Balance Sheet

Year 1

Income Statement (Regular)

Year 1

Cash		$ 285,000		Revenue [sales]		$ 15,000,000
Accounts receivable				Cost of sales
Inventory				Gross profit
Total current assets		$ 2,828,836		Operating expenses

Property, plant and equipment

$ 4,650,000

Income before income taxes

Other		$ 670,000		Income taxes
Total assets				Net income
Accounts payable

Income taxes payable
Current portion of long-term debt	$ 357,000
Total current liabilities	$ 2,196,493

Long-term debt		$ 1,198,500
Total liabilities
Common stock		$ 500,000

Additional paid in capital

$ 1,499,843

Retained earnings
Total equity

Total liabilities and shareholders' equity

$ 8,148,836

fill in