Your research to date has established the following:-

	2022 Actual	2023 Forecast
Sales	4,900,000	6,000,000
Cost of Sales	2,400,000	2,760,000
Inventory Days	67	94
Trade Receivables Days	32	65
Trade Payables Days	47	29

Calculate the gross profit percentage for 2022 (Actual) and 2023 (Forecast). (4 marks)

Calculate the working capital cycle for 2022 (Actual) and 2023 (Forecast). (4 marks)

Calculate the working capital required for 2022 (Actual) and 2023 (Forecast). (8 marks)

Explain what working capital cycle and working capital required mean and based on your finding in part (b) and part (c) comment on working capital cycle and working capital required, outlining implications for Millers Office Interiors (9 marks)

Outline three (3) recommendations that you would make to improve the working capital management of Millers. (6 marks)

What options might be available to Millers Office Interiors if there is a requirement to secure additional working capital. (9 marks)