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. 35 days

b. 32 days

c. 43 days

d. 39 days

e. 28 days