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Grey Corporation reports sales of $10 million for Year 1 with a gross profit margin of 40%, 20% of Grey's sales are on credit Year

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Grey Corporation reports sales of $10 million for Year 1 with a gross profit margin of 40%, 20% of Grey's sales are on credit Year 1 Year 2 Accoonts receivable Inventory Accounts payabie S 150,000 S 170.000 900,000 1,000,000 1100.000 1.200.000 Days' sales in receivable at the end of Year 1 is closest to o 26 days O 27 days O 31 days. O 6 days

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