(Activity ratios) The following financial information is for Ambroise Industries Inc.: 2020 2019 Sales Cost of goods sold Accounts receivable Inventory Accounts payable Total assets $5,000,000 $4,500,000 2,250,000 2,025,000 558,800 707,400 195,250 1,875,200 1,690,500 585,500 770,800 200,750 Ambroise is a distributor of auto parts operating in eastern Ontario that offers 30-day terms and has all sales on credit. The company has a large inventory due to the number of parts it stocks for different makes and models of cars. Most of its suppliers offer terms of 30 days, and Ambroise tries to stay on good terms with its suppliers by paying on time How does average time taken by Ambroise to collect its accounts receivable compare with the credit terms that the company offers? Average collection period 41.8 days How does the average length of time that taken by Ambroise to pay its payables compare with the credit terms it is offered? Accounts payable payment period 31.2 days