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Based on the information in the table, and using cost of goods sold and a...

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Finance

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).

Balance Sheet December 31, 2014

Cash and marketable securities $132,000 Accounts payable $399,000
Accounts receivable $311,000 Notes payable $98,500
Inventories $512,000 Accrued expenses $89,300
Prepaid expenses $11,300 Total current liabilities $586,800
Total current assets $966,300 Long-term debt $799,400
Gross fixed assets $2,104,000 Par value and paid-in-capital $298,000
Less: accumulated depreciation $398,000 Retained Earnings $988,100
Net fixed assets $1,706,000 Common Equity 1,286,100
Total assets $2,672,300 Total liabilities and owners equity $2,672,300

Income Statement, Year of 2014

Net sales (all credit) $4,276,600.00
Less: Cost of goods sold $3,292,982.00
Selling and administrative expenses $349,000.00
Depreciation expense $148,000.00
EBIT $486,618.00
Interest expense $49,600.00
Earnings before taxes $437,018.00
Income taxes $174,807.20
Net income $262,210.80

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