Question I (Managing working capital) Wood Limited's 2020 financial statements were as follows: Wood Limited: Statement of profit or loss for the year ended 31 January 2020 2020 - 2019 - Revenue 662,550 651,440 Cost of sales (477.400) (435,100) Gross profit 185.150 216,340 Expenses (150,690) (187,590) Profit for the year 34,460 28.750 Note: Purchases for the year were 396,600 (2019: 377,440). Wood Limited: Statement of financial position at 31 January 2020 2020- 2019 - 1.126,330 1,044,770 Assets Non-current assets Current assets Inventory Trade receivables Cash 99.4001 86,7001 16,070 202.170 1,3287.500 91,650 89.400 18.850 199,900 1,244,670 Total Assets Equity and Liabilities Equity Long-term liabilities Current liabilities Trade payables Short-term borrowings 791,630 436,340 757,170 400,000 67.530 33.000 100,530 1.328,500 65,500 22.000 87,500 1,244,670 Total equity and liabilities turn over Required: a. Calculate Wood Limited's operating cycle for the year ended 31 January 2020 (average inventory, average trade receivables, average trade payables, average inventory turnover, average trades receivables turnover, average trade payables turnover, current ratio and gross profit margin for both years, turnover, operating cycle)