Comfort Living Ltd competes in the home electrical markets alongside Harvey Norman and The Good Guys. The market is highly competitive prompting management to review working capital practices. Detailed below are relevant figures and ratios to assist you in evaluating Comfort Livings working capital management. Working Capital Ratios 2014 2015 2016 2017 Accounts Receivable Days 30.0 days 38.6 days 44.0 days 51.0 days Inventory Days 30.0 days 34.5 days 37.0 days 46.0 days Accounts Payable Days 29.6 days 30.2 days 38.2 days 53.0 days Note: Ratios are based on assuming end year figures are the average throughout the majority of the year Extracts from Financial Statements Cash on hand 0.35mill 0.3mill .01mill .005mill Sales  all on credit 15 mill 14 mill 15mill 16mill Accounts Receivable Balance 1.2 mill 1.5 mill 1.8 mill 2.2 mill Inventory 0.66 mill 0.79 mill 0.9 mill 1.17mill Cost of Goods Sold 8.0 mill 8.5 mill 8.9 mill 9.3 mill Accounts Payable 0.65mill 0.7 mill 0.95 mill 1.35 mill Budgeted Figures  Cash on hand 0.3 mill 0.3 mill 0.31 mill 0.32 mill Accounts Receivable Balance 1.2 mill 1.22 mill 1.28 mill 1.35 mill Inventory Balance 0.7 mill 0.72 mill 0.78 mill 0.80 mill Accounts Payable 0.64 mill 0.65 mill .70 mill 0.71 mill Accounts Receivable Terms 30 days 30 days 30 days 30 days Accounts Payable Terms 45 days 45 days 45 days 45 days Industry Averages Accounts Receivable Days 30.1 days 29.6 days 30.4 days 33.1 days Inventory Days 30 days 31 days 33 days 32.2 days Accounts Payable Days 30 days 28.5days 17 days 15 . REQUIRED
  Comfort Livings working capital management performance utilizing the above information / benchmark figures / industry averages and budgets (250 words).
 
Once you have analyzed their performance, provide some strategies and recommendations to assist in improving any weaknesses in working capital management referring to the management of components of working capital including cash, inventory, accounts receivable and accounts payable. As part of you're recommendations identify the associated potential benefits and costs of each recommendation?