Question 77(6 points): Swarm Systems is a small but fast-growing company headquartered in Bangalore, India. Bangalore is known as the "Silicon Valley of India" because of its role in the nation's leading information technology (IT) sector. The company's Corporate FP&A Department is forecastng the following income statement for the upcoming year: Sales $5,000,000- Operang costs (excluding depreciation) $3,000,000 Gross margin $2,000,000 Depreciation $500,000 EBIT $1,500,000 Interest $500,000 EBT $1,000,000 Taxes (40%) ' 400,000 Net income $ 600,000 The company's CEO is disappointed with the forecast and would like to see Swarm Systems generate higher sales ' and a forecasted net income of $3,000,000. Assume that operating costs (excluding depreciation) are always 60 .5 percent of sales. Also, assume that depreciation, interest expense, and the company's tax rate, which is 40 percent, will remain the same even if sales change. What level of sales revenues would Swarm have to obtain to generate $3,000,000 in net income? Show your calculations