The following table includes quarterly working capital levels for your firm for the next year. Quarter ($000) 1 2 3 4 Cash 120 120 120 120 Accounts Receivable 228 122 112 702 Inventory 236 1044 580 61 Accounts Payable 127 114 118 121 If you choose to enter the year with $454,000 total in cash and maintain a minimum cash balance of$120,000, what is your maximum short-term borrowing? (Interest rate on short-term debt is 1.2% per quarter.) (Note that $454,00 would be 454 and $120,000 would be 120 in the table because the figures are in thousands in the table.) Answer: Calculate the temporary working capital for each quarter below: (Round to the nearest integer in the table. Note that all figures in this question are in thousands.) Quarter ($000) Q1 Q2 Q3 Q4 Cash 120 120 120 120 Accounts receivable 228 122 112 702 Inventory 236 1044 580 61 Accounts payable 127 114 118 121 NWC 457 1172 694 762 - Permanent WC needs 457 457 457 457 Temporary WC needs 0 715 237 305 Answer: Use the table below to determine the maximum amount of short-term borrowing needed if the firm enters the year with $454,000 in cash and the interest rate on short-term debt is 1.2% per quarter. (Note that $454,000 is 454 in the table. Round to the nearest integer in the table.) Quarter ($000) Q1 Q2 Q3 Q4 Cash at beginning of quarter 454 Minimum cash balance Temporary working capital needs Change in NWC 0 Financing Starting available excess cash Existing ST Debt 0 Increase (decrease) ST Debt Total short term borrowing Ending excess cash Ending cash balance Answer: The maximum short-term borrowing occurs in (answer "Q1", "Q2", "Q3", or "Q4") and is $ (,000). (Round to the nearest integer.)