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Multiple changes in cash conversion cycle Garrett Industries turns over its inven- tory 6 times each year; it has an average collection period of 45...

Multiple changes in cash conversion cycle Garrett Industries turns over its inven-
tory 6 times each year; it has an average collection period of 45 days and an average
payment period of 30 days. The firm’s annual sales are $3 million. Assume there
is no difference in the investment per dollar of sales in inventory, receivables,
and payables; and a 365-day year.

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