Which one of the following statements is correct if a firm has a receivables turnover of 11? Assume 365-day year.

a. It takes the firm 11 days to collect payment from its customers.

b. The firm collects its credit sales in an average of 33.18 days.

c. It takes the firm 33.18 days to sell its inventory and collect the payment from the sale.

d. The firm collects its credit sales in an average of 36.5 days.

e. the firm has eleven times more in accounts receivable than it does in cash.