LG 2 P15-3 Multiple changes in cash conversion cycle Garrett Industries turns over its inven- tory six times each year; it has an average collection period of 45 days and an average payment period of 30 days. The firm's annual sales are $3 million. Assume there is no difference in the investment per dollar of sales in inventory, receivables, and payables; and assume a 365-day year. a. Calculate the firm's cash conversion cycle, its daily cash operating expenditure, and the amount of resources needed to support its cash conversion cycle.