Use the data for Amalgamated Services from E11-24B.

Requirements
1. Calculate the cash conversion cycle for Amalgamated Services. Round all calculations to two decimal places. Assume all sales are on credit.
2. Comment on Amalgamated Services' cash conversion cycle assuming it was 78.24 days for the prior year?

Amalgamated Services, Inc. Income Statement Year Ended June 30, 2016 Revenues: Sales Revenue $281,000 Dividend Revenue 10,000 Total Revenues $291,000 Expenses: Cost of Goods Sold $101,000 60,000 Salaries Expense Depreciation Expense Advertising Expense Interest Expense Income Tax Expense Total Expenses 17,000 15,000 3,000 14,000 210,000 $ 81,000 Net Income