Calculate the cost of goods manufactured using the following information: direct materials $ 299,300 direct labor 132,800 factory overhead costs 264,800 general and administrative expenses 86,300 selling expenses 49,600 work in process inventory, january 1 119,300 work in process inventory, december 31 126,700 finished goods inventory, january 1 232,900 finished goods inventory, december 31 239,500

Ummit record company is negotiating with two banks for a $157,000 loan. fidelity bank requires a compensating balance of 24 percent, discounts the loan, and wants to be paid back in four quarterly payments. southwest bank requires a compensating balance of 12 percent, does not discount the loan, but wants to be paid back in 12 monthly installments. the stated rate for both banks is 9 percent. compensating balances will be subtracted from the $157,000 in determining the available funds in part a. a-1. calculate the effective interest rate for fidelity bank and southwest bank. (do not round intermediate calculations. input your answers as a percent rounded to 2 decimal places.) a-2. which loan should summit accept? southwest bank fidelity bank b. recompute the effective cost of interest, assuming that summit ordinarily maintains $37,680 at each bank in deposits that will serve as compensating balances