Kramer Corp. reported the following sale and purchase transactions related to a specific product in January 2021 Date Transaction Quantity Unit Cost Unit Sales Price Jan. 1 Beginning inventory 6 unite $ 55 Jan. 3 Sale on account 4 units $ 200 Jan. 6 Purchase on account 12 units 60 Jan. 8 Sale on account 5 units 200 Jan. 9 Sale on account 5 units 200 Jan. Sales returned due to damage, $400 (two units that were sold on January 9). The units were in very poor condition and were destroyed. 15 Kramer Corp. uses a perpetual Inventory system and the FIFO inventory costing method Required: 1. Compute net sales and gross profit for January 2021 Nel sales $ Gross profits 2.400 1.020 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 day 3. Prepare the journal entries to record the purchase transaction on January 6, the sale transaction on January 8, and the sales return on January 15. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Date Jan 06 General Journal Debit Credit 1 720 720 2 Jan 08 1000 1000 3 Jan 08 Cost of sales 600 605 4 Jan 15 Sales returns and allowances 200 400 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