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, 2012 Cash and marketable securities $198,000 Accounts payable $288,000 Accounts receivable Inventories $469,000 Notes payable $65,000 $577,000 Accrued expenses $84,000 Total current $437,000 liabilities Prepaid expenses $15,700 Total current assets $1,259,700 Gross fixed assets $1,954,000 Less: accumulated Long-term debt $237,000 Par value and paid-in-capital $199,000 $476,000 Retained Earnings $1,864,700 depreciation Net fixed assets $1,478,000 Common Equity 2,063,700 Total liabilities Total assets $2,737,700 and owner's $2,737,700 equity Income Statement, Year of 2012 Net sales (all credit) $7,546,600.00 Less: Cost of goods $6,112,746.00 sold Selling and administrative $349,000.00 expenses Depreciation $145,000.00 expense EBIT $939,854.00 Interest expense $49,500.00 Earnings before $890,354.00 taxes Income taxes $356,141.60 Net income $534,212.40 Your Answer: Answer