(Evaluating liquidity) The Tabor Sales Company had a gross profit margin (gross profits + sales) of 30.9 percent and sales of $9.2 million last year. Seventy-five percen of the firm's sales are on credit and the remainder are cash sales. Tabor's current assets equal $2.9 million, its current liabilities equal $305,000, and it has $97,000 in cash plus markelable securities. a. If Tabor's accounts receivable are $562,500, what is its average collection period? b. If Tabor reduces its average collection period to 23 days, what will be its new level of accounts recelvable? c. Tabor's inventory tumover ratio is 9.2 times. What is the level of Tabor's inventories? a. If Tabor's accounts receivable are $562,500, its average collection period is days. (Round to two decimal places.)