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 8 units $ 100 Jan. 3 Sale on account 6 units $ 220 Jan. 6 Purchase on account 14 units 105 Jan. 8 Sale on account 7 units 220 Jan. 9 Sale on account 5 units 220 Sales returned due to damage, $440 (two units that were sold on January 9). The units were in very poor condition and were destroyed. Jan. 15 Kramer Corp. uses a perpetual inventory system and the FIFO inventory costing method. 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 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 To read press ctrl (+)