QUESTION 3 (22 MARKS) Tong Wat Trading turns over its inventory five times each year. It has an average collection period of 50 days and an average payment period of 45 days. The firm's annual sales are RM4,500,000. Assume there is no difference in the investment per RM of sales in inventory, receivables, and payables, and assume a 365-day year. b) If the firm makes the following changes simultaneously: Shortens the average age of inventory by 8 days. Speeds the collection of accounts receivable by an average of 12 days. Extends the average payment period by 10 days. Calculate: i. the firm's cash conversion cycle (CCC). (4 marks) (CLO3:PLO7:C3) ii. the amount of resources needed. (2 marks) (CLO3:PLO7:C3) c) Explain FOUR (4) strategies to minimize the length of the cash conversion cycle. (8 marks) (CLO3:PLO7:C2)