Question 7 1 pts The financial statements of the Phelps Manufacturing Company reports net sales of $500,000 and accounts receivable of $80,000 and $40,000 at the beginning of the year and end of the year, respectively. What is the average collection period for accounts receivable in days (rounded to the nearest day)? 57.9 days 44,0 days 86.9 days 29.2 days