Apex Industries has an inventory conversion period of 65 days, an average collection period of 42 days, and a payables deferral period of 25 days. Assume that cost of goods sold is 75% of sales. Assume 365 days in a year for your calculations. If Apex's annual sales are $4,380,000 and all sales are on credit, what is the firm's investment in accounts receivable? Round your answer to the nearest dollar.

Apex Industries has an inventory conversion period of 65 days, an average collection period of 42 days, and a payables deferral period of 25 days. Assume that cost of goods sold is 75% of sales. Assume 365 days in a year for your calculations. If Apex's annual sales are $4,380,000 and all sales are on credit, what is the firm's investment in accounts receivable? Round your answer to the nearest dollar.

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter21: Supply Chains And Working Capital Management

Section: Chapter Questions

Problem 11P: Negus Enterprises has an inventory conversion period of 50 days, an average collection period of 35...

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ABC Inc. has the following data. What is the firm's cash (conversion) cycle? Inventory Conversion Period = 38 days Receivables Collection Period = 19 days Payables Deferral Period = 26 days