Proper management of a firm's working capital is vital and challenging due to the uncertainty and lack of synchronized timing between a firm's cash inflows and outflows. Consider this data for Chocolate Cookie Company (CCC) and use it to complete the table: Selected Financial Data for Chocolate Cookie Company (CCC) Average cash Average accounts payable $29,688 $360,000 Average accounts receivable $712,500 Average inventories $356,250 $2,375,000 Average cash sales Average credit sales Average cost of goods sold Average number of days per year Inventory conversion period Payables deferral period $7,125,000 $4,275,000 365 days 30.42 days days days Receivables conversion period Cash conversion cycle days Proper management of a firm's working capital is vital and challenging due to the uncertainty and lack of synchronized timing between a firm's cash inflows and outflows. Consider this data for Chocolate Cookie Company (CCC) and use it to complete the table: Selected Financial Data for Chocolate Cookie Company (CCC) Average cash Average accounts payable $29,688 $360,000 Average accounts receivable $712,500 Average inventories $356,250 $2,375,000 Average cash sales Average credit sales Average cost of goods sold Average number of days per year Inventory conversion period Payables deferral period $7,125,000 $4,275,000 365 days 30.42 days days days Receivables conversion period Cash conversion cycle days