The Garcia Industries balance sheet and income statement for the year ended Year 1 are as follows:

Balance Sheet
(in Millions of Dollars)
Assets			Liabilities and Stockholders Equity
Cash	$5.0		Accounts payable	$8.0
Accounts receivable	17.0		Salaries, benefits, and payroll taxes payable	3.0
Inventories*	14.0		Other current liabilities	8.0
Fixed assets, net	48.0		Long-term debt	10.0
	$84.0		Stockholders equity	55.0
				$84.0
*The average inventory over the past two years also equals $14.0 million.

Income Statement
(in Millions of Dollars)
Net sales	$113.0
Cost of sales	66.0
Selling, general, and administrative expenses	20.0
Other expenses	20.0
Earnings after tax	$7.0

Assume that there are 365 days per year.

Determine the length of the inventory conversion period. Round your answer to one decimal place.

Determine the length of the receivables conversion period. Round your answer to one decimal place.

Determine the length of the operating cycle. Round your answer to one decimal place.

Determine the length of the payables deferral period. Round your answer to one decimal place.

Determine the length of the cash conversion cycle. Round your answer to one decimal place.

What is the meaning of the number you calculated in Part e?

The number of the cash conversion cycle denotes to what extent the time interval of the collection of cash receipts from product sales -Select-exceedsis less thanItem 6 the time interval of the cash payments for the various resources used by the firm.