Perez, Manufacturing Compony obtains its saw moteriais from a variety of supplers Perez's strategy is io obtain the best price by fetting the suppliers know that it buys from the iowest bidder. Approametely four years ago, unexpected increases in demand resulted in materials shortages. Perez was unable to find the materials it needed even though it was wilting to pay premium prices. Because of the lack of raw materias; Perez was forced to close its manufacturing fecility for two weoks. Its president vawed that her company would never agsin be at the mercy of as supplisers. She immediately ordered her purchasing egent to perpetually maintain a onemonth supply of raw materials. Cormpliance whth the president's orders resulted in a raw materials imventory amounting to approximately $1,760,000. Warehouse fental and persorinet costs to maintain the inventory amounted to $7.400 per month. Perez has: a ine of creda with a local benk that calls for a 11 percent annual rate of interest. Assuarne that Perez finances the raw inaterials imventory with the line of credit. Required Based on the informaton provided, determine the annual holding cost of the raw inaferials inventory