Selected Balance Sheet Data

Sterling Company signed a $$120,000,90-$day, $10\%$ note when it purchased items from another company on December $1,2024.$ How much interest expense should be accrued on December $31,2024($closest to$)?$

$2024$

$2023$

Inventories $($Dollars in million$)$

$$15,000$

$$10,000$

$$

MyFavoriate Corporation reported cost of goods sold of $$40,000$ million in fiscal year $2024.$ How much did MyFavoriate Corporation spend in fiscal year $2024$ to purchase and manufacture inventories?