Question 7 value: 1.00 points Conn Man's Shops Inc., a national clothing chain, had sales of $390 million last year. The business steady net profit margin of 8 percent and a dividend payout ratio of 35 percent. The balance sheet end of last year is shown next Balance Sheet End of Year (in $ millions) Assets Liabilities and Stockholders' Equity Cash Accounts receivable Inventory $ 39 Accounts payable 34 Accrued expenses $ 51 37 68 78 80 Other payables Common stock Plant and equipment Retained earnings Total liabilities and 198 Total assets $351 shareholders' equity $ 351 in The firm's marketing staff has told the president that in the coming year there will be a large increase demand for overcoats and wool slacks. A sales increase of 10 percent is forecast for the company All balance sheet items are expected to maintain the same percent-of-sales relationships as last yea except for common stock and retained earnings. No change is scheduled in the number of common sto shares outstanding, and retained earmings will change as dictated by the profits and dividend policy oft firm. (Remember the net profit margin is 8 percent.) This includes fixed assets since the firm is at full capacity. a. Will external financing be required for the company during the coming year? O Yes O No b. What would be the need for external financing if the net profit margin went up to 9.50 percent and th dividend payout ratio was increased to 55 percent? (Enter your answer in dollars, not millions, (e.g. Required new funds