During the current accounting period, revenue from credit sales is $701,000. The accounts receivable balance is $51,780 at the beginning of the period and $55,200 at the end of the period. Which of the following statements is correct?

Multiple Choice

• The receivables turnover ratio is 28.0.

• On average, the company sells its inventory every 27.9 days.

• The receivables turnover ratio is 13.1.

• On average, it takes 13.1 days to collect payment from credit customers.