PB Popcorn manufactures gourmet caramel corn, cheese corn, and other flavors of popcorn. It expects sales of 280 cartons of popcorn in the next quarter and it plans to produce 266 cartons during the same quarter. Each carton requires 5 direct labor hours and employees are paid $18 per hour. Manufacturing overhead is applied at 120% of direct labor costs. How much is the total amount of budgeted direct labor for the quarter?

Ummit record company is negotiating with two banks for a $157,000 loan. fidelity bank requires a compensating balance of 24 percent, discounts the loan, and wants to be paid back in four quarterly payments. southwest bank requires a compensating balance of 12 percent, does not discount the loan, but wants to be paid back in 12 monthly installments. the stated rate for both banks is 9 percent. compensating balances will be subtracted from the $157,000 in determining the available funds in part a. a-1. calculate the effective interest rate for fidelity bank and southwest bank. (do not round intermediate calculations. input your answers as a percent rounded to 2 decimal places.) a-2. which loan should summit accept? southwest bank fidelity bank b. recompute the effective cost of interest, assuming that summit ordinarily maintains $37,680 at each bank in deposits that will serve as compensating balances