Assignment 15-Working Capital Management Due Today at 1159PM CST Average: 6 Attempts: 5. Cash conversion cycle Cash management is a very important function of managers. Companies need to manage their operations in a way Aa Aa that they can sustain growth and yet not run out of cash. Consider the case of the Purple Panda Importers Inc.: Purple Panda Importers Inc. has forecasted sales of $29,000,000 for next year and expects its cost of goods sold (COGS) to remain at 60% of sales. Currently, the firm holds $2,700,000 in inventories, $1,800,000 in accounts receivable, and $2,700,000 in accounts payable Approximately how long does it take Purple Panda Importers to convert its raw materials to its finished products and then to sell those goods? (Note: In all calculations, assume that there are 365 days in a year.) O 42.48 days O 45.31 days O 56.64 days O 50.98 days On average, it takes from the time a sale is made until the time cash is colfected from customers