Problem 15-5 Receivables investment

McDowell Industries sells on terms of 3/10, net 30. Total sales for the year are $1,086,000; 40% of the customers pay on the 10th day and take discounts, while the other 60% pay, on average, 56 days after their purchases. Assume 365 days in year for your calculations.

1-What is the days' sales outstanding? Round your answer to two decimal places. in days???

2.What is the average amount of receivables? Round your answer to the nearest cent. $

3.What is the percentage cost of trade credit to customers who take the discount? Round your answers to two decimal places.in %

4.What is the percentage cost of trade credit to customers who do not take the discount and pay on Day 56? Round your answers to two decimal places. Nominal cost: % Effective cost: %