5. Determine the working capital requirement from the following particulars:

Annual budget figures for:

` Lakhs Raw Materials 480 Direct Wages 240 Overheads 180 900 Sales 1,000 Additional Information:
(i) Average stock level of raw materials- 18 days (ii) Credit Sales: 20 days credit is normal (iii) Finished goods are held in stock for a period of 10days before they are released for sale.
(iv) Process period is for 12 days (v) The company enjoys 30 days credit facilities for purchase.
(vi) Estimated Cash and Bank balance: 10% of total working capital.
Assumptions:

(a) 1 year = 360 days

(b) Raw materials are introduced at the beginning of manufacturing process and labour overhead accrues evenly.