Question: I am looking for the correct answer to this general accounting question with appropriate explanations. Novatech Inc. has projected annual sales of $25 million, and

I am looking for the correct answer to this general accounting question with appropriate explanations.

Novatech Inc. has projected annual sales of $25 million, and COGS is expected to remain at 75% of sales. The company currently holds the following: Inventories = $3.0 million Accounts receivable = $2.5 million Accounts payable = $2.0 million Use a 365-day year. Calculate COGS

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