Shulman Inc. has the following data, in thousands. Assuming a 365-day year, what is the firm's cash conversion cycle?

Annual sales =	$45,000
Annual cost of goods sold =	$30,000
Inventory =	$4,500
Accounts receivable =	$1,800
Accounts payable =	$2,500

a. 32 days

b. 39 days

c. 35 days

d. 28 days

e. 43 days