Assume a company whose sales are all on account provided the following information: Gross margin percentage 40% Cost of goods sold $ 320,000 Accounts receivable balance, beginning of the year $ 20,000 Accounts receivable balance, end of the year $ 30,000 Net income $ 10,000 The average collection period is closest to:

19.88 days.

21.63 days.

14.88 days.

17.38 days.