Following is the balance sheet for Goldsmith Inc.:

Goldsmith Inc.

Balance Sheet at December 31

	2017	2016
Cash	$ 13,680	$ 11,530
Accounts Receivable	11,100	10,680
Inventories	40,140	32,250
Total Current Assets	64,920	57,460
Plant Assets, Net	115,890	105,000
Total Assets	$180,810	$162,460
Accounts Payable	$ 9,530	$ 7,990
Accrued Liabilities	7,760	7,160
Total Current Liabilities	17,290	15,150
Long-term Debt	41,630	33,170
Total Stockholder's Equity	121,890	114,140
Total Liabilities and Equity	$180,810	$162,460

The company has pretax interest expense of $2,214 and a statutory tax rate of 37%. Your online investigation reveals that the company has a beta of 0.9. Assume that the risk free rate in 2017 is 3.5% and an appropriate spread of equities over the risk-free rate is 5%. Calculate the company's weighted average cost of capital.