Multiple changes in cash conversion cycle GarrettIndustries turms over its inventory 6 times each year, it has an average collection period of 43 average payment period of 27 days. The f receivables, and payables, and a 365-day year firm's annual sales are $2.5 million. Assume there is no difference in the investment per dollar of sales in inventory a. Calculate the firm's cash conversion cycle, its daily cash operating expenditure, and the amount of resources needed to support its cash conversion cycle. b. Find the firm's cash (1) Shortens the average age of inventory by 6 days h conversion cycle and resource investment requirement if it makes the following changes simultaneously. (2) Speeds the collection of accounts receivable by an average of 12 days (3) Extends the average payment period by 8 days c. If the firm pays 15% for its resource investment by how much if anything, could it increase its annual pront as a result of the changes in part b? d. If the annual cost of achieving the profit in part c is $32.000, what action would you recommend to the firm? Why? a. The firm's cash conversion cycle, CCC, is[) days (Round to the nearest whole day) The firm's daily cash operating expenditure is $I (Round to the nearest dollar) The amount of resources needed to support the fim's cash conversion cycle is s(Round to the nearest dollar) b. Find the firm's cash conversion cycle and resource investment requirement if it makes the following changes simultaneously. (1) Shortens the average age of inventory by 6 days (2) Speeds the collection of accounts receivable by an average of 12 days (3) Extends the average payment period by 8 days The new cash conversion cycle, CCC, days. (Round to the nearest whole day )