Calculate the average collection period for Pride Co., if its accounts receivables were $550,000 at the beginning of a year in which the firm generated $10,300,000 of sales? If the industry average is 22 days, how would you interpret Pride's collection period?

19.49 days and Pride is less efficient than the industry average

19.49 days and Pride is more efficient than the industry average

68 days and Pride is more efficient than the industry average

68 days and Pride is less efficient than the industry average