Using these calculations, analyse the efficiency of each of the two companies in managing their working capital in 2020 as compared to 2019.

AUSTAL LIMITED 01 Lash Conwersion de 2019 Inventory Inventory days $167,042,000 36. Today Average Cost of Goods Sold Accounts recebe 8225 000 Acronunta reoriable dage Ang daily sole 41.4205day! accounts poble $200, 305,000 Accounts Payable Ancrage cost of good old 46.4530 days CCC - Inventory days + accounts receivable day account papable days ccc-3.704 beya+ 44.426days-4.4535days 3.67daye 2020 Inventory $183,799,000 Inventory do 28.4214 de Average Cont of Goods Sold Account Pere 8144 Accountaneriable due 25. 234day Average daily sales accountane $156,910,000 Accents Pueble 31.0131 days Arrage cost of als sold COC - Tectory days + accounts receivable dugo - account paupuble day CCC -28.4217days + 25.234days - 31.0131 days 22.61 days SYNLAIT MILK LIMITED 01 Cash Conversion Cycle 2019 Inventory days Inentory $157, 765,336 Average Cost of Good Sold 73.9172 days Accountare Accounts reescale days $59, 271,700 22.0073days Average daily sales accounts payable 8206,737,456 Accounts Payable Aurage cost of goods sold 96.0013 day CCC Inventory duye+accounts recolle doye - account payable days CCC = 73.0172 days + 22.0082 daye - 96.9013days -6.89day 2020 Inventory days Intory $250, 310, 351 Average cost of Goods Sold 92.806 days Antare 858, 592 200 Accounts receivable duge Average daily sales 17.6700 days accounts payable Accounts Payable 8221,863,966 Armage cost of goods sold 82. 2014 days COC Tentory days + accounts receivable days - account payable days CCC = 92.8085 + 17.6769 - 82.2614 = 28, 22 days TU