Tobin Supplies Company expects sales next year to be $$450,000.$ Inventory and accounts receivable will increase $$90,000$ to accommodate this sales level. The company has a steady profit margin of $10$ percent with a $25$ percent dividend payout.

How much external financing will Tobin Supplies Company have to seek? Assume there is$\_$no increase in liabilities other than that which will occur with the external financing.

External funds needed