Norfolk Co., Inc., an electronics and appliance chain, reported these figures in millions of dollars: 3(Click the icon to view the data.) Read the requirements. Requirement 1. Compute Norfolk's days' sales in receivables or days' sales outstanding (DSO) during 2019. (For this exercise, use "net sales" for "net credit sales" when calculating ratios.) Select the formula and perform the calculation for Norfolk's days' sales outstanding. (Round interim calculations to two decimal places, XX.XX. Round the days' sales outstanding up to the next whole day.) = Days' sales outstanding Requirement 2. Is Norfolk's DSO long or short? Nico Networks takes 39 days to collect its average level of receivables. Divencenzo, the overnight shipper, takes 33 days. What causes Norfolk's collection period to be so different? Norfolk's collection period is Nico Networks' and Divencenzo's collection period. This is due to the fact that chain stores, like Norfolk Co., typically and therefore receivables are offer extended payment terms to customers sell for cash and on credit card i Data Table 2019 2018 Net sales......... ..........$ 398,500 $ 418,500 Receivables at end of year ........ 3,860 4,110 Print Print Done