XYZ Ltd. currently purchases all its raw materials on credit and sells its merchandise on credit. The credit terms extended to the firm currently requires payment within thirty days of a purchase while the firm currently requires its customers to pay within sixty days of a sale. However, the firm on average takes 35 days to pay its accounts payable and the average collection period is 70 days. On average, 85 days elapse between the point a raw material is purchased and the point the finished goods are sold. Required: Determine the cash conversion cycle and the cash turnover