The Hopewell Pharmaceutical Company's balance sheet and income statement for

last year are as follows:

Balance Sheet $($in Millions of Dollars$)$

$*$Assume that average accounts receivable are the same as ending accounts

receivable.

$**$Assume that average inventory over the year was the same as ending

inventory.

$***$Assume that average accounts payable are the same as ending accounts

payable.

Income Statement $($in Millions of Dollars$)$

a$.$ Determine Hopewell's cash conversion cycle. Assume that there are $365$ days

per year. Do not round intermediate calculations. Round your answer to one

decimal place.

days

b$.$ Give an interpretation of the value computed in part a$.$

The number of the cash conversion cycle denotes to what extent the time

interval of the collection of cash receipts from product sales

the time interval of the cash payments for the various resources used by the

firm.