Tableview Surfing Sports operates in the highly seasonal surfing and surfing board equipment manufacturing industry. Although Tableview Surfing's sales are highly seasonal, to obtain production efficiencies it produces surfing and surfing board equipment evenly throughout the year. Below is summary quarterly financial information for Tableview Surfing Supports.

Tableview Surfing Sports (Rand thousands)

	Q1	Q2	Q3	Q4
Sales	5,000	3,000	4,000	12,000
(percent of annual)	20%	10%	10%	60%
Cost of Goods Sold	2,560	1,320	1,320	7,500
Accounts Receivable	1,600	750	800	3,200
Inventory	2,650	4,600	6,500	2,400
Accounts Payable	520	520	520	520

a. Calculate Tableviews collection period, days inventory outstanding, and payables period for each quarter. For simplicity, assume that each quarter has 90 days. (4 marks)

b. Calculate Tableviews operating cycle and cash conversion cycle for each quarter. How do they vary by quarter, and why? (4 marks) c. How is this pattern in the cash conversion cycle likely to affect Tableviews need for funding? (2 marks)