7. Peter Enterprises has an inventory conversion period of 55 days, an average collection period of 35 days, and a payables deferral period of 30 days. Assume that cost of goods sold is 80% of sales. a) What is the length of the firm's cash conversion cycle? Answer: Calculation: b) If Peter's annual sales are $4,380,000 and all sales are on credit, what is the firm's investment in accounts receivable? c) How many times a year does Peter Enterprises turn over its inventory