Kramer Corp. reported the following sale and purchase transactions related to a specific product in January 2017:

4. Compute the cost of sales for January 201 T. 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.) _:1 2. Determine the inventory turnover ratio and the average days to sell inventory for January 2017. {Do not round your intermediate calculations. Round the "Inventory turnover ratio" to 2 decimal places and "Average days to sell inventory" to the nearest whole number.] Inventory turnover ratio Average days to sell inventory Kramer Corp. reported the following sale and purchase transactions related to a specific product in January 2017: Unit Unit Sales Date Transaction Quantity Cost Price Jan. 1 Beginning inventory 6 units $ 80 Jan. 3 Sale on account 3 units $130 Jan. 6 Purchase on account 12 units 85 Jan. 8 Sale on account 4 units 130 Jan. 9 Sale on account 5 units 130 Jan. 15 Sales returned due to damage, $260 (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 2017. Net sales Gross profit3. 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 Journal entry worksheet 2 3 4 Record inventory of goods on account. Note: Enter debits before credits. Date General Journal Debit Credit Jan 06 Record entry Clear entry View general journal