Data from Keniston Corporation's Most Recent Balance Sheet and Income

Data from Keniston Corporation's most recent balance sheet and income statement appear below:
$\begin{array}{lll}&\text { This Year}&\text { Last Year }\\\text { Accounts receivable ........ } & \$ 128,000 & \$ 114,000 \\\text { Inventory .................... } & \$ 228,000 & \$ 193,000 \\\text { Sales on account ........... } & \$ 813,000 & \\\text { Cost of goods sold.......... } & \$ 597,000 &\end{array}$ The average collection period for this year is closest to:

A) 39.1 days
B) 45.1 days
C) 54.3 days
D) 57.5 days

Correct Answer:

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