ABC Company Ltd. has annual revenues of $750 million and annual cost of goods sold of $450 million. Annual cash flows from operations are $51 minion, while daly credit sales were $163,548. It published its annual report for the financial year 2021-22 ending, with the following balance sheet items as at 31 march 2022:

- Ending inventory: $82 million

- Ending accounts receivable: $56 million

- Ending accounts payable: $43 million

ABC Co. Lid, treasurers forecast the following balance pattern for monthly collections:

- Month 0: 5%

- Month 1: 40%

- Month 2 35%

- Month 3: 15%

- Month 4: 5%

Required:

a) Calculate the Cash Conversion Cycle (CCC) for the company and discuss measures the company could adopt to shorten its CCC.

b) What percentage of outstanding sales proceeds are yet to be collected as receivables 3 months after the sales were invoiced?