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Asset Management Ratios Corn Products, Corp. ended the year 2008 with an average collection period of 36 days. The firm's credit sales for 2008 were

Asset Management Ratios Corn Products, Corp. ended the year 2008 with an average collection period of 36 days. The firm's credit sales for 2008 were $10.3 million. What is the year-end 2008 balance in accounts receivable for Corn Products? (Consider a 365 days a year.)

$0.2861 million

$1.0159 million

$370.8 million

$3.4951 million

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