A firm is facing collection issues, their previous credit period is 40 days, its sales is 12,000 units and bad debts is 3%. The sale price per unit is $56, and the variable cost per unit is $45. The firm has a required return on equal-risk investments of 25%. Proposed a new credit standard that would address the firm's collection problems and will increase their profit, and make a recommendation to the firm. Show your solution. (Note: Assume a 360-day year.)