In: Finance
CASH CONVERSION CYCLE - HELLO, THIS IS ALL ONE QUESTION, THANK YOU SO MUCH IN ADVANCE!
Parramore Corp has $20 million of sales, $3 million of inventories, $4 million of receivables, and $2 million of payables. Its cost of goods sold is 85% of sales, and it finances working capital with bank loans at an 6% rate. Assume 365 days in year for your calculations. Do not round intermediate steps.