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1. Groton Upholstering Company processes, on average, 25 chairs and 8 sofas per week. Thechairs are picked up about 1.5 weeks after they are dropped off, and the sofas are pickedup between 4 and 10 weeks. a. b. If Groton Upholstering Company has in its possession 92 items on the average,calculate the average number of days that elapse before the sofas are picked up. The value of a typical chair is $550, while the value of a typical sofa is $1250. GrotonUpholstering Company needs to purchase enough insurance to cover the average valueof all the items in its facility. How much insurance should it buy? Groton Upholstering is thinking of enforcing the sofa customers to pick up their sofaswithin 4 weeks which they think will bring down the average time a sofa spends at theirfacility to 3.2 weeks. If their annual insurance premium is $8 per 1000 dollars ofcoverage, how much would they save on their insurance premium? The revenue from a chair is $80, and the revenue from a sofa is $250. 80% of thecustomers use credit cards to pay their bills. What is the average accounts receivablebalance if it takes 15 days for Groton Upholstering to receive the money from the creditcard company?