Complete problem14-1 on page 344 ( on Stratosphere Wireless).You should be able to upload a file if you need to.

14-1.

Stratosphere Wireless is examining its cash conversion cycle. The company expects its cost of goods sold, which equals 80 percent of sales, to be $480,000 this year. Stratosphere normally turns over inventory 24 times per year, accounts receivable is turned over 15 times per year, and the accounts payable turnover is 40. Calculate

(a) the cash conversion cycle and

(b) the average balances in accounts receivable, accounts payable, and inventory.