Utilizing the fictitious company Tag-It Corporation, prepare next years forecast with a pro forma income statement. Here is the current income statement for Tag-It: Click here to download the income statement.

Tag-Its CEO has predicted a 10% increase in total revenue next year. Utilizing the percentage of sales method, prepare a forecast for next year in the section provided on the Excel spreadsheet provided.

1. The total revenue numbers over the past 4 years for Tag-It Corporation were as follows: Values in Millions:
   • 72,618
   • 73,785
   • 69,495
   • 71,879
2. Determine whether you think Tag-It can hit the target of a 10% increase in sales next year.

Submit the Excel spreadsheet provided, saved with your name, which must include the answers to the 2 questions: 1. An updated forecast for next year, and 2. the answer to question regarding the target sales.