Parramore Corp. has $20 million of sales, $3 million of inventories, $2 million of receivables, and $1
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Parramore Corp. has $20 million of sales, $3 million of inventories, $2 million of receivables, and $1 million of payables. Its cost of goods sold is 85% of sales, and it finances working capital with bank loans at an 7% rate. Assume 365 days in year for your calculations.
What is Parramore's cash conversion cycle (CCC)? Do not round intermediate calculations.
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