Reference no: EM131321423
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 Cost of Goods Sold.
Round the answers to two decimal places
Balance Sheet December 31, 2015
Cash and marketable securities $187,000 Accounts payable $217,000
Accounts receivable $498,000 Notes payable $51,500
Inventories $799,000 Accrued expenses $58,300
Prepaid expenses $19,300 Total current liabilities $326,800
Total current assets $1,503,300 Long-term debt $215,400
Gross fixed assets $1,978,000 Par value and paid-in-capital $128,000
Less: accumulated depreciation $478,000 Retained Earnings $2,333,100
Net fixed assets $1,500,000 Common Equity 2,461,100
Total assets $3,003,300 Total liabilities and owner’s equity $3,003,300
Income Statement, Year of 2015
Net sales (all credit) $5,386,600.00
Less: Cost of goods sold $3,716,754.00
Selling and administrative expenses $329,000.00
Depreciation expense $138,000.00
EBIT $1,202,846.00
Interest expense $39,600.00
Earnings before taxes $1,163,246.00
Income taxes $465,298.40
Net income $697,947.60
Calculate Average Day's Cost of Goods sold.
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