3. a) Explain what is meant by the cash cycle and how to shorten it. 3,6) Consider the following financial statement information for the Underdog Ltd: Beginning $ Ending $ Inventory 1,540 1980 Item Accounts receivable 1,100 1540 Accounts payable 6,300 6100 Net sales 33,000 Cost of goods sold 12,000 Calculate the operating and cash cycles. How do you interpret your answer? 3.) It is estimated that Underdog Ltd will require 20 000 units of product over the next 12 months. It has estimated the cost of acquisition as $2 per unit, and the carrying costs as 50 cents per unit. The cost per unit is $10. What is the EOQ for Underdog Ltd