(a) Consider the following financial statement information for Jordan Development Ltd: Item Beginning Ending Inventory $9,338 $11,442 Accounts receivable 5,670 6,947 Accounts payable 7,689 9,421 Net sales $91,544 Cost of goods sold 58,638 How long is the cash cycle of Jordan Development Ltd.? (8 marks) (b) Here are some important figures from the budget of Westerfield Ltd. for the second quarter of 2021: May $570,240 252,720 June $630,720 288,710 April Credit sales $547,200 Credit purchases 211,680 Cash disbursements Wages, other expenses 57,240 Interest 16,410 Equipment purchases 119,520 69,420 16,410 131,040 72,430 16,410 0 The company predicts that 3% of its credit sales will never be collected, 36% of its sales will be collected in the month of sale, and the remaining 61% will be collected in the following month. Credit purchases will be paid in the month following the purchase. In March 2021, credit sales would be $302,400, and credit purchases would be $224,640. The April 1 cash balance would be $403,200. What is the cash balance at the end of May? (12 marks)