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Required Information (The following information applies to the questions displayed below.) A food manufacturer reports the following for two of its divisions for a recent year. Beverage Division $ 2,672 ($ millions) Invested assets, beginning Invested assets, ending Sales Operating income Cheese Division $4,465 4.405 3.930 639 2,686 2,686 354 3,930 Assume that each of the company's divisions has a required rate of return of 6%. Compute residual income for each division. (Enter your answers in millions.) (5 millions) Beverage Cheese Targeted return Target income Residual Income Beverage Cheese Residual income Accounts payable, end of year Accounts receivable, net, end of year Inventory, end of year Net sales Cost of goods sold Current Year $ 7,203 25, 285 9,504 181,000 91,000 Prior Year $ 11,148 17,506 8,855 133,000 120,000 (1) Use the information above to compute the number of days in the cash conversion cycle for each year. (2) Did the company manage cash more effectively in the current year? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Use the information above to compute the number of days in the cash conversion cycle for each year. (Use 365 days in a year. Round calculations to the nearest whole day.) Current year days Prior year days Cash conversion cycle Required 2 > Accounts payable, end of year Accounts receivable, net, end of year Inventory, end of year Net sales Cost of goods sold Current Year $ 7,203 25,285 9,504 181,000 91,000 Prior Year $ 11, 148 17,506 8,855 133,000 120,000 (1) Use the information above to compute the number of days in the cash conversion cycle for each year. (2) Did the company manage cash more effectively in the current year? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Did the company manage cash more effectively in the current year? Did the company manage cash more effectively in the current year? Accounts payable, end of year Accounts receivable, net, end of year Inventory, end of year Net sales Cost of goods sold Current Year $ 7,203 25,285 9,504 181,000 91,000 Prior Year $ 11, 148 17,506 8,855 133,000 120,000 (1) Use the information above to compute the number of days in the cash conversion cycle for each year. (2) Did the company manage cash more effectively in the current year? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Did the company manage cash more effectively in the current year? Did the company manage cash more effectively in the current year?