MAX Company, a manufacturer of paper plates, has annual sales of $10 million, a cost of goods sold of 75 percent of sales, and purchases equivalent to 65 percent of the cost of goods sold. MAX has an average inventory age (PPE) of 60 days, an average collection period (PPC) of 40 days, and an average payment period (PPP) of 35 days. The resources that MAX invested in this cash conversion cycle (assuming a 365-day year) are: