Sharam Industries has a 120-day operating cycle. If its average age of inventory is 50 days, how long is its average collection period? If its average payment period is 30 days, what is its cash conversion cycle? Place all of this information on a time line similar to Figure. Time = 0 Operating Cycle (OC) 62.3 days Purchase Raw Materials on Account Collect Accounts Receivable Sell Finished Goods Averoge Age of on Account Averoge Gollection Period (ACP) Inventory (AI) 17.5 days 44.8 days Pay Accounts Cash Payable Cash Conversion Cycle (CCC) Inflow Average Payment Period (APP) 51.2 days 11.1 days Cash Outflow Time

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Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.