A firm has sales of $4.5 million, and 12 percent of the sales are for cash. The year end accounts receivable balance is $325,000. What is the average collection period? (Use a 360 -day year). 32.84 days 39.58 days 16.87 days 43.28 days 29.55 days IIFSTION 8 Click Save and Submit to save and submit. Click Save All Answers to save all answers