Which one of the following is the correct sequence of various stages of operating cycle of a manufacturing company?

A. Raw material conversion period, work-in-progress conversion period, Finished goods conversion period, Receivables conversion period

B. Raw material conversion period, work-in-progress conversion period, Creditors payment period, Receivables conversion period

C. Creditor payment period, Raw material conversion period, Receivables conversion period, work-in-progress conversion

D. Raw material conversion period, Finished goods conversion period, work-in-progress conversion period, Receivables conversion period

Answer: Option A