Q 14.11: ABC Co.'s receivables increased from $1,250,000 to $1,350,000 over its most recent fiscal year. Its inventories increased from $2,250,000 to $2,550,000 over that period. Sales for that year, all on credit, were $9,875,000. Gross profit was 35% of sales. What was the company's average collection period? A 46 days B 50 days 48 days D 96 days