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1) The Robinson Company has the present assets and present liabilities for these two years:

                                                   2010          2011
Cash and marketable securities     $ 50,000   $ 50,000
Accounts receivable                      300,000    350,000
Inventories                                  350,000    500,000
Total current assets                    $700,000   $900,000
Accounts payable                        $200,000   $250,000
Bank loan                                      0            150,000
Accruals                                     150,000      200,000
Total current liabilities                 $350,000     $600,000

If sales in 2010 were $1.2 million, sales in 2011 were $1.3 million, and cost of goods sold was 70 percent of sales, how long were Robinson’s operating cycles and cash conversion cycles in each of these years? What caused them to change during this time?

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