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asap please Kramer Corp. reported the following sale and purchase transactions related to a specific product in January 2021: Date Unit Cost $40 Unit Sales
asap please
Kramer Corp. reported the following sale and purchase transactions related to a specific product in January 2021: Date Unit Cost $40 Unit Sales Price Jan. 1 Jan. 3 Transaction Beginning inventory Sale on account Purchase on account. Quantity 12 units 10 units $160 Jan. 6 18 units 45 Sale on account 11 units. 160 Jan. 8. Jan. 9 Jan. 15 Sale on account 5 units 160 Sales returned due to damage, $320 (two units that were sold on January 9). The units were in very poor condition and were destroyed. Kramer Corp. uses a perpetual inventory system and the FIFO inventory costing method. Required: 1. Compute net sales and gross profit for January 2021. Net sales $ 3,840 Gross profit 2. Determine the inventory turnover ratio and the average days to sell inventory for January 2021. (Do not round your intermediate calculations. Round the final answers to 2 decimal places.) Inventory turnover ratio Average days to sell inventory days 4. Compute the cost of sales for January 2021, assuming for this part only that Kramer uses the weighted-average cost method. (Do not round Intermediate calculations. Round the final answer to the nearest dollar amount.) Total cost of sales Step by Step Solution
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