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 Days Purchases. Round the answers to two decimal places Balance Sheet December 31, 2012 Cash and marketable securities $198,000 Accounts payable $288,000 Accounts receivable $469,000 Notes payable $65,000 Inventories $577,000 Accrued expenses $84,000 Prepaid expenses $15,700 Total current liabilities $437,000 Total current assets $1,259,700 Long-term debt $237,000 Gross fixed assets $1,954,000 Par value and paid-in-capital $199,000 Less: accumulated depreciation $476,000 Retained Earnings $1,864,700 Net fixed assets $1,478,000 Common Equity 2,063,700 Total assets $2,737,700 Total liabilities and owners equity $2,737,700 Income Statement, Year of 2012 Net sales (all credit) $7,546,600.00 Less: Cost of goods sold $6,112,746.00 Selling and administrative expenses $349,000.00 Depreciation expense $145,000.00 EBIT $939,854.00 Interest expense $49,500.00 Earnings before taxes $890,354.00 Income taxes $356,141.60 Net income $534,212.40 Your Answer: