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Suppose it takes Jolly Joe’s Novelties, Inc. 5 days to build and sell
toys (on average). Also suppose it takes the firm’s customers 30 days,
on average, to pay for the toys after they have purchased them on
credit. Finally, suppose the firm is able to delay paying for the
materials it uses in the manufacturing process for 30 days. Given these
conditions, how long is Jolly Joe’s cash conversion cycle?
