6. The chief financial officer for Last In Stone concrete products had previously established a line of credit with a local bank that enables Last in Stone to borrow 80% of the company's inventory balance. The company currently has 1000 units in stock, and is performing "on budget". The budget anticipated that direct labor cost would be $16 per hour, and factory overhead is applied to production based on $7.00 per direct hour. Each unit requires 2.5 labor hours and 700 pounds of direct material. The direct material costs $0.10 per pound. Determine the amount of credit available under the borrowing agreement. This problem is very similar to B-21.07. Worth 22 points