1.1 Use the information provided below to calculate the working capital cycle of Ascot Limited (expressed to two decimal places) (7 marks) INFORMATION Excerpts of the financial statements of Ascot Limited for 2021 are as follows: Statement of Comprehensive Income for the year ended 31 December 2021 Sales (50% on credit) Cost of sales Purchases (60% on credit) Statement of Financial Position as at 31 December 2021 Current assets Inventories Accounts receivable Cash Current liabilities Accounts payable R 6 000 000 6 500 000 R 450 000 420 000 60 000 220 000