【每日一练】ACCA F9（ Dec 2014）
Please use the space provided on the inside cover of the Candidate Answer Booklet to indicate your chosen answer to each multiple choice question.
Each question is worth 2 marks
A company has annual credit sales of $27 million and related cost of sales of $15 million. The company has the
following targets for the next year:
Trade receivables days 50 days
Inventory days 60 days
Trade payables 45 days
Assume there are 360 days in the year.
What is the net investment in working capital required for the next year?
A $8,125,000
B $4,375,000
C $2,875,000
D $6,375,000
Answer：
B
Inventory = 15,000,000 x 60/360 = $2,500,000
Trade receivables = 27,000,000 x 50/360 = $3,750,000
Trade payables = 15,000,000 x 45/360 = $1,875,000
Net investment required = 2,500,000 + 3,750,000 – 1,875,000 = $4,375,000
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