Kramer Corp. reported the following sale and purchase transactions related to a specific product in January 2017: Unit Cost Unit Sales Price Date Transaction Quantity Jan. 1 Jan. 3 Jan. 6 Jan. 8 Jan. 9 Jan. 15 Beginning inventory 10 units $ 85 Sale on account 7 units $180 Purchase on account 28 units 90 Sale on account 2 units 180 Sale on account 5 units 180 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 2017. Net sales Gross profit 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 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 Journal entry worksheet