Average Investment in Accounts Receivable. Levine Corporation has accounts receivable of $400,000. Its manufacturing cost approximates 35 percent of selling price. The before-tax profit margin is 16...

Average Investment in Accounts Receivable. Levine Corporation has accounts receivable of $400,000. Its manufacturing cost approximates 35 percent of selling price. The before-tax profit margin is 16 percent, and the inventory carrying cost is 4 percent of the selling price. Sales commissions are 7 percent of sales. What is Levine’s average investment in accounts receivable?