HW-531 Average collection period

Movin Meals operates several specialty vans that provide hot food and beverages to workers at various construction sites. The company has annual sales of $81,600. Cost of goods sold average 63 percent of sales and the profit margin is 4.8 percent. The average accounts receivable balance is $6,200. Calculate the Movin Meals’ average collection period. (Please calculate the arithmetic solution and show your work)

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