问题：Greed has no inventories. The receivables were $90000 at 1 June 2000 and rose by 30% during the year. Average payables for the year were $50000. Turnover for the year to 31 May 2001 amounted to $2,000,000 and the gross profit margin was 40%. The overdraft rate is 12% per annum. All transactions were on credit.
　　What was the cost of the operating cycle faced by the company?
　　$________
　　答案：The correct answer is: $1452.
　　Receivables days = average receivable / turnover x 365
　　                                 = [($90000 + $117000)/2]/$2,000,000 x 365 days
　　                                 = 18.889 days
　　Cost of sales = turnover x (Sales - GP Margin)
　　                          = $2,000,000 x (100% - 40%)
　　                          = $1,200,000
　　Payable days = average payables / cost of sales x 365
　　                          = $50000/$1,200,000 x 365 days
　　                          = 15.208 days
　　Cost = [(18.889 days - 15.208 days)/365] x $1,200,000 x 12%
　　          = $1452
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