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	$12.0
Accounts receivable	20.0		Salaries, benefits, and payroll taxes payable	2.0
Inventories*	13.0		Other current liabilities	13.0
Fixed assets, net	31.0		Long-term debt	16.0
	$69.0		Stockholders equity	26.0
				$69.0
*The average inventory over the past two years also equals $13.0 million.

Income Statement
(in Millions of Dollars)
Net sales	$120.0
Cost of sales	56.0
Selling, general, and administrative expenses	30.0
Other expenses	14.0
Earnings after tax	$x.0

Assume that there are 365 days per year. All sales are credit sales. Round to the second decimal place.

• Determine the length of the inventory conversion period. ____days
• Determine the length of the receivables conversion period. _____days
• Determine the length of the operating cycle. ____ days
• Determine the length of the payables deferral period. Use = (AP + SP) / (COS + SG&A)*365 ____ days
• Determine the length of the cash conversion cycle. ____days