TUV Corporation manufactures special shovels that are light and designed to be used in very cold and icy conditions. Since the product is only used in the winter, the company only manufactures and sells the shovels from December to March.

December 3,050

January 7,050

February 11,100

March 9,100

TUV corporation uses seasonal production, and at the end of the season, no shovels will remain in inventory. Each shovel costs $12 to manufacture, and the organization will finance inventory costs at 12% per annum.

Required:

Calculate the total financing costs for TUV Corporation