Gilligan Retail Outlet provided the following financial information: Accounts Receivable balance as of 1/1/2017 $130,000 Accounts Receivable balance as of 12/31/2017 $140,000 Net Credit Sales for the year 2017 $3,375,000 Cost of Goods Sold for the year 2017 $742,500 Calculate the Average Collection Period of receivables. 14.60 days 25.00 days 265.45 days 1.38 days