Question 1 (35 marks) Philip Incorporated is evaluating credit to a new group of customers. These are customers that were originally considered a higher credit risk. Data relating to these customers is 1 provided below. No other asset build up will be required to service the new customers. $ $ Additional credit sales Likely % of sales uncollectible Additional collection expenses Production and marketing expenses (as a % of sales) Receivables turnover Desired return on investment 260,000 40% 19,000 50% 4 x 30% Should Philip Incorporated extend credit to these customers? Show calculations to substantiate your answer. An