What is Pacific Company's average sale period for 2020?

1. 34.93 days
2. 33.80 days
3. 34.37 days
4. 46.50 days

Comparative Balance Sheet December 31, 2019 and 2020 Assets 2019 2020 Current assets: Cash S 2,000,000 800,000 Accounts receivable (net) 2,650,000 2,270,000 Inventory 2,200,000 2,130,000 Prepaid expense 500,000 400,000 Total current assets 7,350,000 $ 5,600,000 Long-term investments S 7,600,000 9,500,000 Property, plant and equipment (net) 5,100,000 7,250,000 Total assets 20,050,000 S 22,350,000 Liabilities Current liabilities Accounts payable S 3,200,000 S 3,000,000 Notes payable 660,000 900,000 Accrued liabilities 370,000 310,000 Total current liabilities 4,230,000 S 4,210,000 Long-term liabilities 1,000,000 650,000 Total liabilities 5,230,000 S 4,860,000 Stockholders' equity Common stock, $5 par value 900,000 S 2,300,000 Preferred Stock, 10%%, $10 par value 100,000 150,000 Retained earnings 13,820,000 15,040,000 Total stockholders equity S 14,820,000 S 17,490,000 Total liabilities and equity S 20,050,000 S 22,350,000Pacific Company Income Statement For the years ended December 31, 2020 2020 Sales ($30,000,000 are on account) 5 40,000,000 Cost of goods sold (23,000,000 Gross profit 17,000,000 Selling expenses (3,000,000) Administrative expenses 1200.000) Total operating expenses (3,200,000] Operating income 13,800,000 Interest expense (175,000) Tax expense (2.000,000) Net Income S 11,625,000