Asset Management Ratios Corn Products, Corp. ended the year 2008 with an average collection period of 49 days. The firm's credit sales for 2008 were $9.9 million. What is the year-end 2008 balance in accounts receivable for Corn Products? (Consider a 365 days a year.)
$485.1 million
$4.9495 million
$1.329 million
$0.202 million