Item Inventory Accounts Receivable Accounts Payable Net Sales Cost of Goods Sold Beginning Ending 60,000 36,000 48,000 60,000 42,000 36,000 144,000 96,000 1. Calculate the Operating cycle and the Cash cycle. [15 Marks) II Would a firm like to have a short or a long cash cycle? How can it be achieved? [5 Marks] Assume there are 365 days in a year. Show your working clearly and provide your answer to 2 decimal places