Oliver's Oats Pty Ltd is a wholesaler of oat grains to cereal and muesli bar producers. It has reported the following for the month of April 2022: Explanation Units (metric tonnes) Cost price / Selling price Total cost $ Total sales $ unit / unit Opening balance Purchases Sales Purchases Sales Closing balance 125 75 85 125 10 11 12 $500 $515 $42,500 $56,650 $550 $68,750 $525 $65,625 $550 $41,250 Assuming Oliver's Oats adopted the periodic inventory system and the last-in-first-out (LIFO) inventory method for the month of April 2022, what would the impact be on the gross profit for the month in comparison to the first-in-first-out (FIFO) and weighted average inventory methods? *LIFO reported gross profit would be greater than the FIFO reported gross profit. b. Weighted average gross profit would be less than the LIFO reported gross profit. C. LIFO reported gross profit would be higher than both weighted average and FIFO reported gross profit. Od. LIFO reported gross profit would be lower than the FIFO reported gross profit. QUESTION 15 During the current financial year, Colin's Clocks had total sales of $4.4 million, of which 50% were on credit terms with the remainder in cash or credit card. $340,000 of the credit sales remained uncollected at the end of the year. The credit manager estimates that $20,000 of these receivables will become uncollectable. The average net receivables during the current financial year were $280,000. What was the average collection period (rounded to the nearest day) for Colin's Clocks? a. 13 days b. 16 days c. 56 days d. 46 days