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1. Expected value (LO6-6 G ) Gary's Pipe and Steel Company expects sales next year to be $800,000 if the economy is strong, $500,000 if the economy is steady, and $350,000 if the economy is weak. Gary believes there is a 20 perecnt probability the economy will be strong, a 50 percent probability of a steady cconomy, and a 30 percent probability of a weak economy. What is the expected level of sales for next year? 2. Expected value (LO6-6 GG) Sharpe Knife Company expects sales next year to be $1.550,000 if the economy is strong. $825,000 if the economy is steady, and $550,000 if the economy is weak. Ms. Sharpe believes there is a 30 percent probability the cconomy will be strong, a 40 percent probability of a steady economy, and a 30 percent probability of a weak economy. What is the expected level of sales for the next year? 3. External finneine, (LO6-I () ) Tobin. Supplies Company expects sales next year to be $500,000. Inventory and accounts receivable will increase $90,000 to accommodate this sales level. The company has a steady profit margin of 12 pereent with a 40 pereent dividend payout. How much external finaneing will Tobin Supplies Company have to seek? A sume there is no inerease in linbilities other than that which will occur with the external financing 4. Exterual financing (LO6-1 () Antivirus Ine, expects ith sales next year to be $2,500,000. Inventory and account: receivable will increase $480,000 to accommodate this sales level. The company has a steady profit margin of 15 pereent with a 35 pereent dividend payout. How much exiernal financing will the firm have to sech? Assume there in no increase in liabilities other than that which will occur with the external financing