Homework: 4-2 MyFinanceLab Assignment Save Score: 0 of 4 pts 10 of 12 (6 complete) HW Score: 42%, 21 of 50 pts P4-29 (similar to) A Question Help o (Efficiency analysis) The Brenmar Sales Company had a gross profit margin (gross profits = sales) of 32 percent and sales of $8.7 million last year. 70 percent of the firm's sales are on credit, and the remainder are cash sales. Brenmar's current assets equal $1.9 million, its current liabilities equal $297,900, and it has $101,400 in cash plus marketable securities. a. If Brenmar's accounts receivable equal $562,000, what is its average collection period? b. If Brenmar reduces its average collection period to 15 days, what will be its new level of accounts receivable? c. Brenmar's inventory turnover ratio is 8.9 times. What is the level of Brenmar's inventories? a. If Brenmar's accounts receivable equal $562,000, what is its average collection period? The company's average collection period will be days. (Round to two decimal places.) Enter your answer in the answer box and then click Check Answer. 2 pants remaining Clear All Check Answer Type here to search O a W ( 10:31 AM 9/27/2020