Zocco Corporation has an inventory conversion period of 77 days, an average collection period of 29 days, and a payables deferral period of 23 days. Assume 365 days in year for your calculations.
1. What is the length of the cash conversion cycle? Round your answer to two decimal places.
days
2. If Zocco's annual sales are $2,729,545 and all sales are on credit, what is the investment in accounts receivable? Round your answer to the nearest cent.
3. How many times per year does Zocco turn over its inventory? Assume that cost of goods sold is 75% of sales. Round your answer to two decimal places.