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Asset Management Ratios Corn Products, Corp. ended the year 2008 with an average collection period of 49 days. The firm's credit sales for 2008 were

Asset Management RatiosCorn Products, Corp. ended the year 2008 with an average collection period of 49 days. The firm's credit sales for 2008 were $9.9 million. What is the year-end 2008 balance in accounts receivable for Corn Products? (Consider a 365 days a year.)

$485.1 million

$4.9495 million

$1.329 million

$0.202 million

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