Use the financial statements below to calculate the firm's Cash Conversion Cycle -be sure to use purchases (not COGS) for the AP Deferral calculation. You must type in both the answer and all of your work to receive credit. Be sure to use 4 decimal places where applicable (25.25% or 0.2525). Acme Products, Inc. Acme Products, Inc. Balance Sheets Income Statement ASSETS Cash Receivables Inventory Property, plant &equipment Total assets current yr prior yr current yr 7,000 4.000 3,000 2.750 2.200 Operating expenses 1,400 400 1,200 100 1,100 275 825 500 400 Sales (all credit) 750 600 Cost of Goods Sold 1,125 900 Gross Profit 5,125 4,100 Depreciation Opertating income Interest expense LIABILITIES& EQUITY Accounts payables Accrued expenses Long-term debt Common stock Paid-in Capital Retained earnings Total liabilities and equity 625 500 Taxable income 500 400 Taxes (25%) 1,750 1,400 Net income 750 600 250 200 1250 1.000 5,125 4,100