What are the expected annual savings from a lock-box system that collects 350 cheques per day at a cost of $0.15 per cheque if each cheque averages $400, and reduces mailing and processing times by 5 days, if the annual interest rate is 3.7 percent?

What is the Cash Conversion Cycle and Operating cycle for a firm with $3 million average inventories, $1.5 million average accounts payable, a receivables period of 45 days, and an annual cost of goods sold of $18 million?

	14.59 days and 60.83 days
	46.25 days and 91.25 days
	75.41 days and 105.83 days
	136.25 days and 75.42 days