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The following information is taken from the financial statements of Apple Inc. 09/24/2011 09/25/2010 Net Sales $108,249 $65,225 Cost of sales 64,431 39,541 Gross Profit
The following information is taken from the financial statements of Apple Inc.
|
| 09/24/2011 | 09/25/2010 |
| Net Sales | $108,249 | $65,225 |
| Cost of sales | 64,431 | 39,541 |
| Gross Profit | 43,818 | 25,684 |
| Accounts Receivable | 5,369 | 5,510 |
Assuming all sales are on credit, compute the Average Collection Period of Apple, Inc. for the year ending on September 24, 2011.
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