On January $1,2024,$ the general ledger of Tripley Company included the following account balances:

Accounts Debit Credit

Cash $ $262,000$

Accounts receivable $72,000$

Allowance for uncollectible accounts $ $36,200$

Inventory $33,200$

Building $233,200$

Accumulated depreciation $42,000$

Land $244,600$

Accounts payable $180,000$

Notes payable $(8\%,$ due in $3$ years$)228,000$

Common stock $116,600$

Retained earnings $242,200$

Totals $ $845,000$ $ $845,000$

The $$33,200$ beginning balance of inventory consists of $332$ units, each costing $$100.$ During January $2024,$ the company had the following transactions:

January $2$ Lent $$52,000$ to an employee by accepting a $6\%$ note due in six months.

January $5$ Purchased $5,100$ units of inventory on account for $$561,000($$$110$ each$)$ with terms $110/$

$,$ n$30/$

$.$

January $8$ Returned $100$ defective units of inventory purchased on January $5.$

January $15$ Sold $4,900$ units of inventory on account for $$793,800($$$162$ each$)$ with terms $210/$

$,$ n$30/$

$.$

January $17$ Customers returned $200$ units sold on January $15.$ These units were initially purchased by the company on January $5.$ The units are placed in inventory to be sold in the future.

January $20$ Received cash from customers on accounts receivable. This amount includes $$39,200$ from $2023$ plus amount receivable on sale of $4,300$ units sold on January $15.$

January $21$ Wrote off remaining accounts receivable from $2023.$

January $24$ Paid on accounts payable. The amount includes the amount owed at the beginning of the period plus the amount owed from purchase of $4,700$ units on January $5.$

January $28$ Paid cash for salaries during January, $$60,000.$

January $29$ Paid cash for utilities during January, $$42,000.$

January $30$ Paid dividends, $$6,200.$

Month$-$end adjusting entries:

Of the remaining accounts receivable, the company estimates that $10\%$ will not be collected.

Accrued interest revenue on notes receivable for January.

Accrued interest expense on notes payable for January.

Accrued income taxes at the end of January for $$8,200.$

Depreciation on the building, $$5,200.$

Please do the journal entries, trial balance, income statement, balance sheet and analysis.

ANALYSIS$-$

a$))$ Calculate the inventory turnover ratio for the month of January. If the industry average of the inventory turnover ratio for the month of January is $4\mathrm{.}5$ times, is the company selling its inventory more or less quickly than other companies in the same industry?

The inventory turnover ratio is: $6\mathrm{.}7$ times

The company is managing its inventory more efficiently. $($true or false$)$ True

$($b$)$ Calculate the gross profit ratio for the month of January. If the industry average gross profit ratio is $49\%,$ is the company more or less profitable per dollar of sales than other companies in the same industry?

The gross profit ratio is: $\%$

The company is more profitable than other companies. False

$($c$)$ Used together, what might the inventory turnover ratio and gross profit ratio suggest about the company$$s business strategy? Is the company$$s strategy to sell a higher volume of less expensive items or does the company appear to be selling a lower volume of more expensive items?

The company$$s business strategy appears to be selling higher volume of less profitable