Horsely Ltd is a manufacturing company in the food industry. The board of directors would like to know how efficiently the company's working capital and inventory are being managed. Horsely Ltd. provided the following information for the year ended June 2022. Accounts payable Accounts receivable Cost of sales Inventory Net sales 550,000 690,000 3,325,000 660,000 $5,200,000 The company is trying to determine the optimal order quality for its key material, Xinia. The company expects to purchase 20,000 units of materials in the next year at a price of $4. Costs for carrying this material are estimated at $1.5 per unit, and it costs $400 to place an order for materials. Required: (c)Calculate the company's settlement period for accounts receivables (industry average =45 days) (3 m