Problem:
Consider the following items from Theis Industries financial statements:
Annual sales: $5,773
Cost of goods sold: $5,184
Inventories: $569
Accounts receivable: $559
Accounts payable: $415
Calculate the following for Theis:
Inventory conversion period =
Average collection period =
Payables deferral period =
Cash conversion cycle =
Explain in detail and show all work.