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Kramer Corp. reported the following sale and purchase transactions related to a specic product in January 2017: Urit Unit Sales Date Transaction Quantity Cost Price Jan. 1 Beginning inventory 13 units $ 45 Jan. 3 Sale on account 3 units $21G Jan. 5 Purchase on account 31 units 51] Jan. 3 Sale on account TI" units 211]I Jan. 9 Sale on account 5 units 211] Jan. 15 Sales retumed due to damage, $420 [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 prot for January 201?. W 2. Determine the inventory tumover ratio and the average days to sell inventory for January 2111?. [Use 365 days in a year. Do not round your inten'nediate calculations. Round the \"Inventory tumover ratio" to 2 decimal places and "Average days to sell inventory" to the nearest whole number.} 3. Prepare the joumal entn'es to record the purchase transaction on January 5-, the sale transaction on January 8, and the sales retum on January 15. (If no entry is required for a transactionfevent, select \"No journal entry required" in the first account eld.) View transaction list View journal entry worksheet I 1 Jan 06 Inventory 1551) Trade payables 1,551] I 2 Jan 08 Accounts receivable 1,4?1] Inventory 1,4?D I 3 Jan 15 Inventory 421] Sales returns and allowances 42D 4. Compute the cost of sales for January 2017', assuming for this part only that Kramer uses the weighted average cost method. {Do not round inten'nediate calculations. Round the nal answer to the nearest dollar amount.) 1,063