According To A Credit Agreement With The Company`s Bank Kayak Promises

The company wants to end each month with an end in the stock of manufactured products equivalent to 30% of the expected turnover for next month. The stock of finished products on 1 April amounted to 174 units. Suppose the budgeted production in July is 610 units. In addition, each finished unit needs six pounds (lbs.) The raw materials and the company want to finish each month with a stock of raw materials corresponding to 30% of the production needs of the following month. The initial stock of raw materials for the month of April was 1,087 pounds. Suppose direct materials cost $4 per pound. According to a loan agreement with the company`s bank, Kayak promises to have a minimum balance of US$30,000 by the end of the month. In return, the Bank agreed that the company could borrow up to US$150,000 at a monthly rate of 1% paid on the last day of each month. Interest is calculated based on the initial loan balance for the month. The company repays the principle of the loan on the last day of each month with cash in excess of $30,000. The company has a cash inventory of $30,000 $US and a credit balance of $60,000 as of January 1.

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