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For the year ended 31 March 2020, Manchester Plc had total domestic and foreign credit sales of E40 million. The cost of these credit sales was $20 million. Trade payables are associated with domestic and international suppliers. The current assets and liabilities of Manchester Plc as of March 2020 are summarised as follows: E'000 Inventory 5,000 Trade Receivables 6,000 Current Assets 11,000 Trade Payables 2,000 Overdraft 4,000 Current Liabilities 6,000 Net current 5,000 assets For the year ended 31 March 2021, Manchester Pic predicts that the cost of sales would decline to 60% of sales, and the credit sales would still be at E40 million. The company expects current assets to comprise of inventory and trade receivables, and current liabilities to comprise of trade payables and the company's overdraft. Manchester Plc expects to achieve the following target working capital ratio values for the year ended 31 March 2021: Trade receivables days: 70 Trade payables days: 50 Inventory days: 60 Current ratio: 1.3 times Required: (a) Calculate the working capital cycle of Manchester Pic at the year ended March 2020 and discuss whether a working capital cycle should be positive or negative. (b) Calculate the target quick ratio (acid test ratio) and the target ratio of sales to net working capital of Manchester Pic at the end of March 2021. (c) Compare the current asset and current liability positions for March 2020 and March 2021 and discuss how the working capital financing policy of Manchester Pic would have changed