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Fine Fashions is a fashion-wear retailer for men, women and children. The business has annual sales of R9 million and its cost of goods sold is 70% of sales. Purchases represent 65% of the cost of goods sold. The business has an average age of inventory of 55 days, an average collection period of 45 days and an average payment period of 60 days.
Required:
Problem 1: Calculate the cash conversion cycle for Fine Fashions using the information provided.
Problem 2: Calculate the financial resources invested by Fine Fashions in this cash-conversion cycle. Show all calculations to two decimals.
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