[answered] Larson, Inc., manufactures backpacks. Last year, it sold 85

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[answered] Larson, Inc., manufactures backpacks. Last year, it sold 85

Larson, Inc., manufactures backpacks. Last year, it sold 85,000 of its basic model for $25 per unit. The company estimates that this volume represents a 20 percent share of the current market. The market is expected to increase by 15 percent next year. Marketing specialists have determined that as a result of new competition, the company?s market share will fall to 16 percent (of this larger market). Due to changes in prices, the new price for the backpacks will be $22 per unit. This new price is expected to be in line with the competition and have no effect on the volume estimates.
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Estimate Larson?s sales revenues from this model of backpack for the coming year.

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