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 11 units $ 85 Jan. 3 Sale on account 9 units $ 180 Jan. 6 Purchase on account 17 units 90 Jan. 8 Sale on account 10 units 180 Jan. 9 Sale on account 5 units 180 Jan. 15 Sales returned due to damage, $360 (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.

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.)

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.)

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.)