Ellsbury Corporation has a goal to reduce its cash conversion cycle. Which of the following actions, holding all else equal, is likely to accomplish this goal? Multiple Choice

1. Ellsbury increases its cash/assets ratio from 12% to 15%.

2. Ellsbury changes the credit terms it offers to customers, allowing them to pay in 45 days instead of 30 days.

3. Ellsbury increases the efficiency of its production process, reducing by 10% the average time it takes to convert raw materials to finished products.

4. Ellsbury starts paying off all outstanding invoices to suppliers twice a month instead of once a month.