Precision Tool 2009 Income Statement Net sales $36,408 Less: Cost of goods sold 28,225 Less: Depreciation 1.760 Earnings before interest and taxes 6,423 Less: Interest paid 510 Taxable income $5,913 Less: Taxes 2,070 Net income $3,843 1 Precision Tool 2008 and 2009 Balance Sheets Cash Accounts rec Inventory Total Net fixed assets Total assets 2008 2009 $2,060 $1,003 3,411 4,218 18,776 21.908 $24,247 $27,129 14,160 14,080 $38,407 $41.209 Accounts payable Long-term debt Common stock Retained earning 2008 2009 $7,250 $8,384 9,800 11,500 15,000 17,500 6357 3,825 Total liab & equity $38,407 $41,209 How many days on average does it take Precision Tool to sell its inventory? 247.46 days 187.77 days 283.31 days 219.63 days 164.30 days