MANZANITA Inc.
Balance Sheet information (US$ millions)
As of December 31		2014		2013
Cash and cash equivalent		367		423
Accounts receivable		1,378		1,364
Inventories		1,260		1,015
Other current assets		375		195
	Total current assets	3,380		2,997
Property and equipment, net		9,105		8,916
	Total assets	12,485		11,913
Account payable		689		502
Other current liabilities		2,696		3,073
	Total current liabilities	3,385		3,575
Long-term debt		1,932		1,812
	Total liabilities	5,317		5,387
Common stock and paid in capital		4,956		4,956
Retained earnings		2,212		1,570
	Total shareholders' equity	7,168		6,526
	Total liabilities and shareholders' equity	12,485		11,913
Income Statement Information (US$ millions)
For Years Ended December 31		2014		2013
Sales		13,038		12,483
Cost of goods sold		6,633		6,441
Depreciation expense		417		357
Selling, general, and administrative expense		4,968		4,911
Interest expense		93		54
Income tax expense		185		144
Net income		742		576
Notes
The LIFO reserves as of December 31 2014 and 2013 are $465 million and $351 million.
The effective tax rate for 2014 and earlier periods is 20%.
No items impacted retained earnings other than net income and dividends. What is the cumulative amount of income tax savings that Manzanita has generated through 2014 by using the LIFO method instead of the FIFO method? (Format: $xx million) Calculate the inventory turnover ratio under the LIFO. (Format: x.xx) Calculate the inventory turnover ratio under FIFO. (Format: x.xx) Calculate the cash conversion cycle under LIFO. (Format: xx days) Calculate the cash conversion cycle under FIFO. (Format: xx days) Calculate Cash flow from operating activities of Manzanita in 2014 using indirect method.(Format: $xxx million or $(xxx) million) Calculate Cash flow from investing activities of Manzanita in 2014. (Format: $xxx million or $(xxx) million) Calculate Cash flow from financing activities of Manzanita in 2014. (Format: $xx million or $(xx) million) Make sure the addition of the THREE gives you the change of Cash.