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(Solved) Canadian Bacon Inc. financial statements are presented in the table below.


Canadian Bacon Inc. financial statements are presented in the table below.

       Based on the information in the table, and using cost of goods sold and a 365-day year, calculate Days of Sales in Inventory (using cost of goods sold).

Round the answers to two decimal places

Balance Sheet December 31, 2011

Cash and marketable securities $143,000 Accounts payable  $278,000
Accounts receivable $354,000 Notes payable $87,000
Inventories $672,000 Accrued expenses $65,000
Prepaid expenses $12,500 Total current liabilities $430,000
Total current assets $1,181,500 Long-term debt $284,000
Gross fixed assets $1,675,000 Par value and paid-in-capital $228,000
Less: accumulated depreciation $500,000 Retained Earnings $1,414,500
Net fixed assets  $1,175,000 Common Equity 1,642,500
Total assets $2,356,500 Total liabilities and owner’s equity $2,356,500

Income Statement Year of 2011

Net sales (all credit) $3,136,600.00
Less: Cost of goods sold $2,195,620.00
Selling and administrative expenses $345,000.00
Depreciation expense $146,000.00
EBIT $449,980.00
Interest expense $45,300.00
Earnings before taxes $404,680.00
Income taxes $161,872.00
Net income  $242,808.00


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