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Inventory financing - Raymond Manufacturing faces a liquidity crisis - it needs a loan of $149,000 for 1 month. Having no source of additional unsecured borrowing, the firm must find a secured short term lender. The firm's accounts receivable are quite low, but its inventory is considered liquid and reasonably good collateral. The book value of the inventory is $447,000 of which $178,800 is finished goods (Note: assume a 365-day year).
Question a. Calculate the dollar cost of each of the proposed plans for obtaining an initial loan amount of $149,000.
Question b. which plan do you recommend? Why?
Question c. if the firm had made a purchase of $149,000 for which it had been given terms of 2/5 net 20, would it increase the firm's profitability to give up the discount and not borrow as recommended in part b? Why or why not?
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