On average, a firm purchases $2,000,000 in merchandise a month. It has inventories equal to two month purchases on hand at all times. If the firm analyzes its accounts using a 360-day year, what is the firm’s inventory conversion period? IC = Inv/Avg. daily purchases a. 15.0 days b. 60 days c. 120 days d. 7.5 days e. 30.0 days