Use the below information to answer the following question. Income Statement For the Year Sales $42,700 Cost of goods sold 29,250 Depreciation 3,750 Earnings before interest and taxes $ 9,700 Interest paid 1,360 Taxable income $ 8,340 Taxes 2,840 Net income $ 5,500 Dividends $1,925 Balance Sheet End-of-Year Cash $1,320 Accounts receivable 3,780 Inventory 10,200 Total current assets $15,300 Net fixed assets 33,600 Total assets $48,900 Accounts payable $ 3,650 Long-term debt 18,100 Common stock ($1 par value) 15,000 Retained earnings 12,150 Total Liab. & Equity $48,900

Assume this firm is operating at full capacity. Also assume that all costs, net working capital, and fixed assets vary directly with sales. The debt-equity ratio and the dividend payout ratio are constant. What is the pro forma accounts payable value for next year if sales are projected to increase by 7.5 percent?

$3,650

$3,924

$4,121

$4,248

$4,810