1)Suppose that LilyMac Photography has annual sales of $237,000, cost of goods sold of $172,000, average inventories of $5,200, and average accounts receivable of $25,700. Assume that all of LilyMac’s sales are on credit.What will be the firm’s operating cycle? (Use 365 days a year. Do not round intermediate calculations and round your final answer to 2 decimal places.)2)Suppose that LilyMac Photography has annual sales of $227,000, cost of goods sold of $162,000, average inventories of $5,800, average accounts receivable of $27,600, and an average accounts payable balance of $18,500.Assuming that all of LilyMac’s sales are on credit, what will be the firm’s cash cycle? (Use 365 days a year. Do not round intermediate calculations and round your final answer to 2 decimal places.)3)Watkins Resources faces a smooth annual demand for cash of $1.58 million, incurs transaction costs of $83 every time the firm sells marketable securities, and can earn 4.5 percent on its marketable securities.What will be its optimal cash replenishment level? (Enter your answer in dollars not in millions. Round your answer to 2 decimal places.)

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