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: $\begin{array}{ll}&\text { This Year } & \text { Last Year } \\\text {Accounts receivable. }&\$ 128,000 & \$ 114,000 \\\text {Inventory. }&\$228,000 & \$ 193,000 \\\text {Sales on account. }&\$813,000 & \\\text {Cost of goods sold }&\$ 597,000 &\end{array}$ 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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