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The 2013 and 2014 balance sheets for Newport Industrial showed Cash of $8,000 and $9,500, respectively; Accounts Receivable of $14, 000 and $16,000, respectively; Inventory
The 2013 and 2014 balance sheets for Newport Industrial showed Cash of $8,000 and $9,500, respectively; Accounts Receivable of $14, 000 and $16,000, respectively; Inventory of $11,000 and $8,000, respectively; and Accounts Payable of $5,000 and $7,000, respectively. Its 2014 income statement showed Net Sales of $108,000, Cost of Goods Sold of $62,000, and Net Income of $27,000. The cash conversion cycle for 2014 (round calculations to two decimal places) is _______ days.
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