Emma Ltd is trying to determine the effect of its inventory turnover ratio and days sales outstanding (DSO) on its cash flow cycle. Emma's 2002 sales (all on credit) were $150,000, and it earned a net profit of 6%, or $9,000. It turned over its inventory 6 times in the year, and its DSO was 36.5 days. The firm had non-current assets of $35,000. Emma's payable deferral period is 40 days. (a) Calculate Emma's cash conversion cycle. (b) Assuming Emma holds negligible amounts of cash and marketable securities, calculate its total assets turnover and return on assets. (c) Suppose Emma's managers believe that the inventory turnover can be raised to 7.3 times. What would Emma's cash conversion cycle, total asset turnover and return on assets have been if the inventory turnover had been 7.3 for 2002?