The financial statements of Black Barn Company are given below.

Black Barn Company Income Statement (2009)
Sales	$	8,000,000
Cost of goods sold		5,260,000
Gross profit		2,740,000
Selling & administrative expenses		1,500,000
Operating profit		1,240,000
Interest expense		140,000
Income before tax		1,100,000
Tax expense		440,000
Net income	$	660,000

Balance Sheet	2009				2008
Cash	$	200,000			$	50,000
Accounts receivable		1,200,000				950,000
Inventory		1,840,000				1,500,000
Total current assets	$	3,240,000			$	2,500,000
Fixed assets		3,200,000				3,000,000
Total assets	$	6,440,000			$	5,500,000
Accounts Payable	$	800,000			$	720,000
Bank loan		600,000				100,000
Total current liabilities	$	1,400,000			$	820,000
Bond payable		900,000				1,000,000
Total liabilities	$	2,300,000			$	1,820,000
Common stock (130,000 shares)	$	300,000			$	300,000
Retained earnings		3,840,000				3,380,000
Total liabilities & equity	$	6,440,000			$	5,500,000

Note: The common shares are trading in the stock market for $40 each. Refer to the financial statements of Black Barn Company. The firm's average collection period for 2009 is

Multiple Choice

59.31.

55.05.

61.31.

49.05.

None of the options are correct.