a) Canadian 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 Cost of Goods Sold Round the answers to two decimal places Balance Sheet December 31, 2011 Cash and marketable $143,000 Accounts payable $278,000 securities Accounts $354,000 Notes payable $87,000 receivable Inventories $672,000 Accrued expenses $65,000 Total current Prepaid expenses $12,500 $430,000 liabilities Total current assets $1,181,500 Long-term debt $284,000 Par value and Gross fixed assets $1,675,000 $228,000 paid-in-capital Less: accumulated $500,000 depreciation Retained Earnings $1,414,500 Net fixed assets $1,175,000 Common Equity 1,642,500 Total liabilities Total assets $2,356,500 and owner's $2,356,500 equity Income Statement Year of 2011 Net sales (all credit) $3,136,600.00 Less: Cost of goods $2,195,620.00 sold Selling and administrative $345,000.00 expenses Depreciation $146,000.00 expense EBIT $449,980.00 Interest expense $45,300.00 Earnings before $404,680.00 taxes Income taxes $161,872.00 Net income $242,808.00