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Answer (B) is correct . Average collection period equals average receivables divided by daily sales. Locar’s average daily sales were $51,666 ($18,600,000 ÷ 360). The average collection period was thus 26.7 days ($1,380,000 ÷ $51,666).

Answer (A) is incorrect because The amount of 26.2 days results from improperly adjusting accounts receivable for the 2% early-payment discount.
Answer (C) is incorrect because The amount of 27.2 days results from adding the 2% early-payment discount to the balance of accounts receivable.
Answer (D) is incorrect because The amount of 33.4 days results from improperly subtracting installment sales from annual net sales.