Year Ended November 30, 2018 Revenues: $ 304,000 Sales revenue 11,000 Dividend revenue 315,000 Total revenues Expenses: $ 103,000 Cost of goods sold Salaries expense 55,000 28,000 Depreciation expense Advertising expense 16,000 Interest expense 6,000 9,000 Income tax expense 217,000 Total expenses 98,000 Net income Additional data: Data from the comparative balance sheet follow November 30 2018 2017 Current Assets: ... $ 85,000 $23,000 Cash 52,000 Accounts receivable 57,000 Inventory 52,000 40,000 Current Liabilities: $ 32,000 ... $ 41,000 Accounts payable. . Accrued liabilities 14,000 29,000 1. Calculate the cash conversion cycle for Consolidated Services. Round all calculations to two decimal places. Assume all sales are on credit. 2. Comment on Consolidated Services' cash conversion cycle, assuming it was 92.45 days for the prior year Requirement 1. Calculate the cash conversion cycle for Consolidated Services. Round all calculations to two decimal places. Assume all sales are on credit. (Use a 365-day year for computations. Do not round any intermediary calculations, but then round each amount you enter into the table below to two decimal places, X.XX. Abbreviation used: A/P accounts payable; A/R = accounts receivable.) Cash conversion Receivable collection A/P payment period Days-sales-in-inventory period cycle 108.78 30.98 39.62 100.14 + =