Average Day's Purchases = COGS - Depreciation / 365 Days 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 cash conversion cycle 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 owner's 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 Answer 19.5