1. The company has an agreement with a local bank that allows it to borrow in increments of $1,000 at the beginning of each month, up to a total loan balance of $40,000. The interest rate on these loans is 1% per month, and for simplicity, we will assume that interest is not compounded. The company would, as far as it is able, repay the loan plus accumulated interest at the end of the quarter.How do you find the borrowings?

DAISY PRODUCTS LIMITED Raw Materials Purchases Budget July August September Third Quarter Production needs (cc) 102,600 119,700 131,100 353,400 Add: Desired ending inventory 59,850 65,550 39,900 Total solvent Q80 needs 162,450 185,250 171,000 Deduct: Beginning inventory 51,300 59,850 65,550 Solvent Q80 purchases (cc) 111,150 125,400 105,450 342,000answers to the nearest whole dollar amount. Any "Repayments" and "Interest" should be indicated by a minus blank - be certain to enter "O" wherever required.) JANUS PRODUCTS, INC. Cash Budget For the Quarter Ended September 30 July August September Quarter Cash balance, beginning $ 8, 100 Add: Collections from sales 37,160 Total cash available 45,260 0 0 0 Deduct: Disbursements: Inventory purchases 31,050 Land 4,550 Administrative expenses 3,650 Dividends 0 1,050 Selling expenses 7,500 Total disbursements 46,750 0 0 1,050 Excess (deficiency) of cash available over disbursements 1,490 Financing: Borrowings Interest 0 Repayments 0 Total financing 0 0 Cash balance, ending