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12. The following financial information is available for Galveston Industrial, Inc. Galveston uses the FIFO inventory method. Consolidated Statements of Ops (USD $) In Thousands

12. The following financial information is available for Galveston Industrial, Inc. Galveston uses the FIFO inventory method.

Consolidated Statements of Ops (USD $)

In Thousands

Dec. 27, 2014

Dec. 28, 2013

Dec. 29, 2012

NET SALES

$768,451

$650,867

$503,443

Cost of sales

$587,962

$489,140

$379,890

GROSS PROFIT

$180,489

$161,727

$123,553

Selling and administrative expenses

$176,114

$144,058

$119,994

Other operating expense, net

$1,709

$934

$129

Facility consolidation expenses

$10,421

$0

$0

Impairment of assets

$2,141

$0

$0

OPERATING INCOME (LOSS)

($9,896)

$16,736

$3,430

Interest expense

$8,131

$7,099

$5,946

Other (income) expense, net

($291)

$49

($524)

Gain on purchase of businesses

($20,998)

$0

$0

Refinancing expenses

$0

$178

$0

INC (LOSS) FROM CONT OPS BEFORE TAXES

$3,262

$9,410

($1,992)

Income tax provision (benefit)

$1,990

($1,091)

($758)

INCOME (LOSS) FROM CONTINUING OPS

$1,272

$10,501

($1,234)

Loss from discontinued operations, net of tax

($1,149)

($503)

($518)

Loss on disposal of disc ops, net of tax

($2,773)

$0

$0

NET INCOME (LOSS)

($2,650)

$9,998

($1,752)

Consolidated Balance Sheets

Dec. 27, 2014

Dec. 28, 2013

In Thousands

CURRENT ASSETS

Cash and cash equivalents

$745

$482

Receivables, net

$95,490

$83,279

Inventories

$196,951

$176,184

Prepaid expenses

$11,283

$10,641

Deferred income taxes

$24,045

$12,516

TOTAL CURRENT ASSETS

$328,514

$283,101

PROPERTY, PLANT AND EQUIPMENT, NET

$193,704

$140,777

OTHER ASSETS

$46,445

$46,479

TOTAL ASSETS

$568,663

$470,357

CURRENT LIABILITIES

$0

$0

Accounts payable

$41,784

$40,973

Accrued expenses

$55,390

$49,522

Current portion of long-term debt

$17,157

$11,773

TOTAL CURRENT LIABILITIES

$114,332

$102,268

LONG-TERM DEBT

$223,417

$192,325

DEFERRED INCOME TAXES

$17,721

$7,696

OTHER LONG-TERM LIABILITIES

$37,467

$34,311

TOTAL LIABILITIES

$392,937

$336,600

A Estimate how long, on average, it took Galveston Industrial to pay its inventory suppliers in 2014

B Refer to the financial information for Galveston Industrial, Inc. Estimate how long, on average, it took Galveston to collect cash from customers. Choose the best answer rounded to a whole number.

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