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.

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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