Hyclo Ltd is an underwater ship hull cleaning company. The management is concerned about the firm's management of working capital. a) The average collection period and average payment period are 41.5 days and 35.8 days respectively. The firm turns over its inventory 18 times each year (assume 360 days year), and the firm currently has annual sales of $38.5 million. (i) Calculate the firm's operating cycle and cash conversion cycle, correct to 1 decimal place. (5 marks) (ii) Determine the amount of resources needed to support the firm's cash conversion cycle. (4 marks) b) Hyclo Ltd purchases 86 000 units per year of a chemical used in the underwater cleaning of ship hull. The cost per order is $51, while the carry cost is $15 per unit per year. (i) Calculate the economic order quantity. (4 marks) (ii) Using your answer in (i), calculate the ordering cost, carrying cost and total inventory cost. (8 marks) c) Suppose Hyclo Ltd operates a 250 days per year, and maintains a minimum inventory level of 500 units of safety stock. If the lead time to receive orders of the component is 5 days, calculate the reorder point