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Below is some data from the income statement and balance sheet for Incan Ltd in...

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Below is some data from the income statement and balance sheet for Incan Ltd in 2006 and 2007. 2006('000) 2007('000) Income statement Sales 513 554 Cost of goods sold 520 502 End of 2007('000) End of 2005('000) End of 2006('000) 43 Inventory 40 38 42 Accounts Receivable 45 62 58 Accounts Payable 53 50 Note: Inventory period = average inventory/average daily cost of goods sold Receivables period = average receivables/average daily sales Payables period = average payables/average daily cost of goods sold Calculate the Cash Conversion cycle for both 2006 and 2007. Which year requires a larger working capital

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