Income Statement Year of 2011 Net sales (all credit)$3,136,600.00 Less: Cost of goods $2.195.620.00 sold $345,000.00 Selling and administrative expenses Depreciation expense EBIT $146,000.00 $449,980.00 $45,300.00 Interest expense Earnings before taxes Income taxes Net income $404,680.00 $161,872.00 $242,808.00 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 Purchases. Round the answers to two decimal places Balance Sheet December 31, 2011 Accounts payable $278,000 $430,000 Cash and marketable $143,000 securities Accounts $354,000 receivable Inventories $672,000 Prepaid expenses $12,500 Total current $1,181,500 assets Gross fixed assets $1,675,000 Less: accumulated $500.000 depreciation Net fixed assets $1,175,000 Notes payable $87,000 Accrued expenses $65,000 Total current liabilities Long-term debt $284,000 Par value and paid-in-capital $228,000 Retained Earnings $1,414,500 Common Equity 1,642,500 Total liabilities and owner's $2,356,500 equity Total assets $2,356,500