Refer to the following table and income statement data:
MARNI COMPANY | |
Balance Sheet | |
As of December 31 | |
ASSETS: | |
Cash | $50,000 |
Accounts receivable | 100,000 |
Inventory | 200,000 |
Net plant and equipment | 650,000 |
Total assets | $1,000,000 |
LIABILITIES AND STOCKHOLDERS’ EQUITY: | |
Accounts payable | $100,000 |
Accrued expenses | 90,000 |
Long-term debt | 250,000 |
Common stock | 100,000 |
Paid-in capital | 50,000 |
Retained earnings | 410,000 |
Total liabilities and stockholders’ equity | $1,000,000 |
Sales (all on credit) | $2,000,000 |
The firm’s average collection period is (assuming a 360-day calendar) _____.