P14-1 (similar to) Question Help Cash conversion cycle American Products is concerned about managing cash efficiently. On the average, inventories have an age of 83 days, and accounts receivable are collected in 46 days. Accounts payable are paid approximately 30 days after they arise. The firm has annual sales of about $35 million. Cost of goods sold are $21 million, and purchases are $14 million. a. Calculate the firm's operating cycle. b. Calculate the firm's cash conversion cycle. c. Calculate the amount of resources needed to support the firm's cash conversion cycle