The comparative current assets and current liabilities for Robert Mondavi Corp., a major California winery, are provided as follows:

The income statements indicated sales were $491,957 and the cost of goods sold was $283,849 for the fiscal year ended 2004 (in thousands).
a. Determine the cash conversion cycle for the fiscal year ending 2004. Round to the nearest whole day.
b. Interpret yourresults.

Robert Mondavi Corp Selected Balance Sheet Information (in thousands) Current assets: June 30, 2004 June 30, 2003 Cash and cash equivalents Accounts receivable, net Inventories Prepaid expenses and other current assets $48,960 94,549 387,940 7,025 $538,474 $1,339 96,111 392,635 12,545 $502,630 Total current assets Current liabilities: $ 26,037 37,565 18,910 82,512 28,727 33,419 9,837 $71,983 Accounts payable Other accrued expenses Current portion of long-term debt Total current liabilities