2 Calculating Cycles [LO1] Consider the following financial statement information for the Newk Corporation: Item Inventory Beginning $12,435 Ending $15,615 Accounts receivable 6,120 6,287 Accounts payable 7,930 9,140 Credit sales $143,187 Cost of goods sold 79,218 Assume all sales are on credit. Calculate the operating and cash cycles. How do you interpret your answer?