Lansing Surgical Supplies Inc, sells on terms of 2/10, net 30. Gross sales for the year are 1.3 million and the collections department estimates that 30 percent of the customers pay on the tenth day and take discounts, 40 percent pay on the thirtieth day, and the remaining 30 percent pay, on average, 40 days after the purchase. (assume 360 days per year)
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