Miranda Tool Company sells to retail hardware stores on credit terms of net 30. Annual credit sales are $20 million and are spread evenly throughout the year. The companys variable cost ratio is 0.80, and its accounts receivable average $1.2 million. Assume there are 365 days per year. Using this information, determine the following for the company:

Average daily credit sales. Round your answer to the nearest dollar. Enter your answer in whole dollars. For example, an answer of $1.2 million should be entered as 1,200,000, not 1.20.

$

Average collection period. Round your answer to one decimal place.

days

Average investment in receivables. Round your answer to the nearest dollar. Enter your answer in whole dollars. For example, an answer of $1.2 million should be entered as 1,200,000, not 1.20.

$