The chief financial officer for Cast In Stone concrete products had previously established

B-21.07 The chief financial officer for Cast In Stone concrete products had previously established a line of credit with a local bank that enables Cast In Stone to borrow 80% of the company's inventory balance. The company currently has 1,000 units in stock, and is performing "on budget." The budget anticipated that direct labor cost would be $15 per hour, and factory overhead is applied to production based on $7.50 per direct labor hour. Each unit requires 2.5 labor hours and 800 pounds of direct material. The direct material costs $0.10 per pound. Determine the amount of credit available under the borrowing agreement. Name: Date: B-21.07 Section: Amount available under line of credit: Units Total available under line of credit Per Unit Cost Per Unit Total