8. [Casb Conversion Cycle] Two years of financial statement data for the Munich Export Corporation are shown below. A. Calculate the inventory-to-sale, sale-to-cash, and purchase-to-payment conversion periods for Munich Exports for 2019. B. Calculate the length of Munich Exports' cash conversion cycle for 2019. MUNICH EXPORTS CORPORATION BALANCE SHEET 2018 2019 Cash Accounts receivable 200,000 \$ 50,000 Inventories Total current assets 700,000450,000 300,000 Fixed assets, net 300,000$1,000,000 570,000 920,000 Total assets Accounts payable \$ 130,000 380,000$1,300,000 Accruals Bankloan Total current liabilities Long-term debt Common stock ( $0.50par ) Additional paid-in-capital Retained earnings \$ 180,000 50,000 70,000 340,00090,000 Total liabilities and equity \begin{tabular}{rrr} 90,000 & 90,000 \\ \hline 270,000 & 340,000 \\ 400,000 & 550,000 \\ 50,000 & 50,000 \\ 200,000 & 200,000 \\ 80,000 & 160,000 \\ \hline$1,000,000 & $1,300,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|} \hline Retained earnings & 80,000 & 160,000 \\ \hline Total liabilities and equity & $1,000,000 & $1,300,000 \\ \hline INCOME STATEMENT & 2018 & 2019 \\ \hline Net sales & $1,300,000 & $1,600,000 \\ \hline Cost of goods sold & 780,000 & 960,000 \\ \hline Gross profit & 520,000 & 640,000 \\ \hline Marketing & 130,000 & 160,000 \\ \hline & 150,000 & 150,000 \\ \hline \begin{tabular}{l} General and a \\ Depreciation \end{tabular} & 40,000 & 55,000 \\ \hline & 200,000 & 275,000 \\ \hline EBIT & 45,000 & 55,000 \\ \hline Interest & 155,000 & 220,000 \\ \hline Earnings before taxes & 62,000 & 88,000 \\ \hline Income taxes ( 40% rate) & 93,000 & $132,000 \\ \hline \end{tabular}