solve part 1 and 2 of question no. 2 and show the calculations

Note: To receive the full credit, you must show all your work (formula or inputs for a financial will not award full credit for a correct answer if you do not show your for an incorrect answer if I cannot follow your work b) What is the cost of the lockbox system in todary's saive (5 paint) work and I cannot award partial credit . (10 paint) Your frm generally receives 4 checks a month. The check amounts and the collection delay for each check is shown below. Given this information, what is the amount of the average daily collection float? Assume a 30-day month. Delay 3. (10 pointy) On average, your firm sells $45,700 of items on credit each day. The firm's average operating Item Numbe Item Amount $8,400 $8,300 $3,200 $7,200 ccounts cyele is 39 days and it acquires and sells inventory, on average, every 15 days. What is the average a receivable balance? 4. (10 pointog Cape May Products currendly sells 120 units a month at a price of $240 a unit. The firm believes it can increase its sales by an additional 40 units if it switches to a net 30 credit policy. The monthly interest rate is 0.79% and the vartiable cost per unit is $170. (a) What is the benefit of the proposed credit policy switch in tody's dollar rales (5 porntzy) 2. (10 pointy) It takes Cookie Cutter Modular Homes, Inc, about six days to receive and deposit checks from customers. Cookie Cutter's management is considering a lockbox system to reduce the firm's collection times. It is expected that the lockbox system will reduce receipt and deposit times to three days total. Average daily collections are $120,000, and the required rate of return is 4 percent per year. Assume 365 days per year (a) What is the benefit of using the proposed lockbox system (i.e, reduction in collection float)? (5 points) (b) What is the cost of the proposed credit policy switch in tody's dollar nalwe? (5 points)