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Lilly Painting Inc. has purchased raw materials on account and paid for them within 40 days. The raw materials were used in manufacturing and the
Lilly Painting Inc. has purchased raw materials on account and paid for them within 40 days. The raw materials were used in manufacturing and the finished products were sold on account 90 days after the raw materials were purchased. The customer paid for the finished good 30 days later. Calculate the firm's cash conversion.
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