Score: 2.67 of 4 pts 10 of 12 (10 complete) HW Score: 62%, 31 of 5 % P4-29 (similar to) 3 Question Help (Efficiency analysis) The Brenmar Sales Company had a gross profit margin (gross profits - sales) of 25 percent and sales of $9.7 million last year. 78 percent of the firm's sales are on credit, and the remainder are cash sales. Brenmar's current assets equal $1.4 million, its current liabilities equal $297,800, and it has $104,900 in cash plus marketable securities. a. If Brenmar's accounts receivable equal $562,200, what is its average collection period? b. If Brenmar reduces its average collection period to 15 days, what will be its new level of accounts receivable? c. Brenmar's inventory turnover ratio is 9.7 times. What is the level of Brenmar's inventories? a. If Brenmar's accounts receivable equal $562,200, what is its average collection period? The company's average collection period will be 27.11 days. (Round to two decimal places.) b. If Brenmar reduces its average collection period to 15 days, what will be its new level of accounts receivable? The new level of accounts receivable will be $ 310931. (Round to the nearest dollar.) c. Brenmar's inventory turnover ratio is 9.7 times. What is the level of Brenmar's inventories? Brenmar's inventories will be $(Round to the nearest dollar.)