1. A company has the following items for the fiscal year 2020:

• Revenue = 10 million (50% is credit sales)
• Cost of goods sold = 3 million
• Account receivable = 0.6 million
• Account payable = 0.6 million
• Inventory = 0.5 million

Calculate the companys collection period and payable period

(You need to show (1) the formula and (2) your calculation process.)