a) American Bacon Inc. financial statements are presented in the table below. Based on the information in the table, and using a 365-day year, calculate Average Day's Purchases. Round the answers to two decimal places Balance Sheet December 31, 2010 Accounts payable $287,000 Cash and marketable $102,000 securities Accounts $299,000 receivable Inventories $628,000 Prepaid expenses $10,300 Total current $1,039,300 assets Gross fixed assets $1,502,000 Less: accumulated $312.000 depreciation Net fixed assets $1,190,000 Notes payable $61,200 Accrued expenses $51,900 Total current $400,100 liabilities Long-term debt $415,000 Par value and paid-in-capital $376,000 Retained Earnings $1,038,200 Common Equity 1,414,200 Total liabilities and owner's $2,229,300 equity Total assets $2,229,300 Income statement. Year of 2010 Net sales (all credit) $6,387,700.00 Less: Cost of goods $4.726,898.00 sold Selling and administrative $345,000.00 expenses Depreciation $148,000.00 expense EBIT $1,167,802.00 Interest expense $50,600.00 Earnings before $1,117,202.00 taxes Income taxes $446,880.80 Net income $670,321.20