To reduce its cash conversion cycle, TUV Corporation has looked at several measures. Which measure would best help TUV to reduce its cash conversion cycle?

Select one: a. Increase average inventory without increasing sales.

b. Offer liberal trade discounts to customers for early payment of extended credit on purchases.

c. Start paying its bills sooner, which would reduce the average accounts payable but not affect sales.

d. Sell common stock to retire long-term bonds.

e. Sell an issue of long-term bonds and use the proceeds to buy back some of its common stock.