Q1: American Products is concerned about managing cash efficiently. On the average, inventories have an age of 90 days, and accounts receivable are collected in 60 days. Accounts payable are paid approximately 30 days after they arise. The firm has annual sales of about $30 million. Cost of goods sold of 24 million and the firm purchases were 22 million and that there is a 365-day year. a. Calculate the firm's operating cycle. 1 point b. Calculate the firm's cash conversion cycle. 2 points c. Calculate the amount of resources needed to support the firm's cash conversion cycle. 3 points d. Discuss how management might be able to reduce the cash conversion cycle. 1 point