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10. [Cash Conversion Cycle] Safety-First, Inc., makes portable ladders that can be used to exit second floor levels of homes in the event of fire. Each ladder consists of fire-resistant rope and high-strength plastic steps. A lightweight fire-resistant cape with a smoke filter is included with the Safety-First ladder. Each ladder and cape, when not in use, is rolled up and stored in a pouch the size of a backpack that can eas- ily be taken on trips and vacations. Jan Smithson founded Safety-First after graduating from a private liberal arts college in the North- west three years ago. After struggling for the first year, the venture seemed to be growing and producing profits. Following are the two most recent years of financial statements, expressed in thousands of dol- lars, for Safety-First, Inc. SAFETY-FIRST, INC. INCOME STATEMENTS (IN S THOUSANDS) 2015 $4,500 Net sales Cost of goods sold Gross profit Operating expenses Interest Income before taxes Income taxes Net income BALANCE SHEETS THOUSANDS) 2016 2,000 Cash Accounts receivable Inventorios Total current assets Gross fixed assets Less accumulated deprec Net fixed assets Total assets SNNN 2,800 -1.250 1.550 2015 2016 $ 300 150 100 550 Accounts payable Bank loan Accrued liabilities Total current liabilities Long-term debt Common stock Retained earnings Total liabilities and equity 150 850 1,850 $3.400 250 150 800 150 1,100 2,450 $4,500 A. Using year-end data, calculate the inventory-to-sale conversion period, the sale-to-cash conversion period, and the purchase-to-payment conversion period for 2015 and 2016. B. Determine the cash conversion cycle for each year and discuss the changes that took place, if any