The cash conversion cycle refers to the: length of time from the payment for the purchase of raw materials to manufacture a product until the collection of accounts receivable associated with the sale of the product. average length of time between the cash payment for the purchase of raw materials and labor and their utilization in the manufacturing process. amount of time a product remains in inventory in various stages of completion. amount of time it takes to collect cash following a sale. length of time from the purchase of raw materials to manufacture a product until the payment for the raw materials is made.