The Following Is the 2013 Income Statement for Lamps, Inc

The following is the 2013 income statement for Lamps, Inc.                         Lamps, Inc
          Income Statement for Year Ending December 31, 2013
                    (in millions of dollars)
$\begin{array}{lr}\text { Net sales } & \$ 100 \\\text { Less: Cost of goods sold } & \underline{80} \\\text { Gross profits } & 20 \\\text { Less: Depreciation } & 5 \\\text { Earnings before interest and taxes (EBIT) } & 15 \\\text { Less: Interest } & 2 \\\text { Earnings before taxes (EBT) } &13 \\\text { Less: Taxes } & 5\\\text { Net Income } & \$ \quad 8\end{array}$ The CEO of Lamps wants the company to earn a net income of $12 million in 2014. Cost of goods sold is expected to be 75 percent of net sales, depreciation expense is not expected to change, interest expense is expected to increase to $4 million, and the firm's tax rate will be 40 percent. What is the net sales needed to produce net income of $12 million?

A) $29 million
B) $112 million
C) $116 million
D) $124 million