a). Cash conversion cycle: Company X reported the following information for the last fiscal year. Company X As of Assets Liabilities and Equity 12/31/2021 Inventories USD 200 000 180 000 Borrowings Accounts Receivable Cash and financial assets available for sale USD 190 000 200 000 25 000 Accounts payable and accruals Other current assets 18 000 Total current assets USD 423 000 Total current liabilities USD 390 000 Fixed Assets 500 000 Long-term debt 150 000 Equity 383 000 Total Assets USD 923 000 Total Liabilities & USD 923 000 Equities Net sales (credit) USD 800 000 380 000 Cost of goods sold Calculate the firm's cash conversion cycle and operating cycles. (20 points) b). What is the financing strategy of Company X? Aggressive or conservative? Is the strategy already proper enough for the company? Please give your recommendation for them! (5 points)