Assume a company whose sales are all on account provided the following information:

Gross margin percentage	40%
Cost of goods sold	$ 205,000
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: (Round accounts receivable turnover to the nearest whole number.)

Multiple Choice

28.57 days.

30.32 days.

23.57 days.

26.07 days.