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Selected financial statement numbers for Frederick Company are given below: Sales...

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Question

Accounting

Selected financial statement numbers for Frederick Company are given below:

Sales

$277,480

Cost of goods sold

179,155

Average accounts receivable

20,730

Average inventory

4,145

Average property, plant, and equipment

75,705

Using the information above, calculate Frederick's average collection period (round to two decimal places).

  • 99.46 days
  • 27.26 days
  • 42.25 days
  • 5.45 days

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