1. FINA Inc produces a line of hydraulic jacks that it sells to industrial construction companies. They produce 45 of these jacks each month, at a cost of $1,100 per jack. At the beginning of February 2022, they had 19 jacks unsold, in the warehouse. In February they produced the usual number of jacks and sold 34 of them. What was the ending inventory in Feb 21 and what was the cost to finance this inventory, assuming an annual percentage rate of 5% on short term debt for FINA Inc?

2. If FINA Inc extends 30 day open book credit to all customers, what was the additional financing cost for that credit on the jacks sold in February but not paid for until March?