Requirement 1. Calculate the cash conversion cycle for Taylor Services. Round all calculations to two decimal places. Assume all sales are on credit. (Use a 365-day year for computations. Do not round any intermediary calculations, but then round each amount you enter into the table below to two decimal places, X.XX. Abbreviation used: A/P = accounts payable; A/R = accounts receivable.) Average inventory 386.30 Average A/R Average A/P Cash conversion cycle Data table More info Additional data: Data from the comparative balance sheet follow: June 30 2018 2017 Current Assets: Cash $ 129,000 $ 21,000 Accounts receivable Inventory 44,000 24,000 60,000 17,000 Current Liabilities: Accounts payable. Accrued liabilities $ 38,000 $ 30,000 13,000 19,000 Print Done - X Revenues: Taylor Services, Inc. Income Statement Year Ended June 30, 2018 Sales revenue Dividend revenue Total revenues $ 307,000 9,000 $ 316,000 Expenses: Cost of goods sold Salaries expense Depreciation expense Advertising expense Interest expense $ 107,000 40,000 25,000 11,000 7,000 8,000 Income tax expense 198,000 Total expenses $ 118,000 Net income Print Done