Assignment Details (please use Excel spreadsheet that is attached)Utilizing the fictitious company Tag-It Corporation, prepare next year’s forecast with a pro forma income statement. Here is the current income statement for Tag-It:Tag-It’s CEO has predicted a 10% increase in total revenue next year. Utilizing the percentage of sales method, prepare a forecast for next year in the section provided on the Excel spreadsheet provided. The total revenue numbers over the past 4 years for Tag-It Corporation were as follows: Values in Millions: 72,618 73,785 69,495 71,879 Determine whether you think Tag-It can hit the target of a 10% increase in sales next year.The Excel spreadsheet provided, must include the answers to the 2 questions: 1. An updated forecast for next year, and 2. the answer to question regarding the target sales. The use of 1 scholarly sources
