Kramer Corp. reported the following sale and purchase transactions related to a specific product in January 2021:

Date Jan. 1 Jan. 3 Jan. 6 Jan. 8 Jan. 9 Jan. 15 Transaction Quantity Unit Cost Unit Sales Price Beginning inventory 10 units $ 95 Sale on account 8 units $170 Purchase on account 16 units 100 Sale on account 9 units Sale on account 5 units 170 Sales returned due to damage, $340 (two units that were sold January 9). The units were in very poor condition and were destroyed. 170 on 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 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 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 X: 1 Record inventory of goods on account. 2 Record sales on account. 3 Record cost of sales on goods sold on account. 4 Record goods returned by the customer. 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