On January 1, 2024, the general ledger of a company includes the following account balances: The $49,000 beginning balance of inventory consists of 490 units, each costing $100. During January 2024 , a company had the following inventory transactions: January 3 Purchase 1,750 units for $196,000 on account (\$112 each). January 8 purchase 1,850 unita for $216,450 on account (\$117 each). January 12 purchase 1,950 units for $237,900 on account (\$122 each). January 15 Return 195 of the units purchased on January 12 because of defects. January 19 Soll 5,700 unita on account for $855,000. The cont of the units sold in determined uaing a FIFO perpetual inventory nystem. January 22 Recelve $837,000 from customers on accounta receivable. January 24 Pay $620,000 to inventory suppliera on accounta payable. January 27 write of accounte receivable as uncollectible, $2,800. January 31 Pay cash for salaries during January, $138,000. The following information is available on January 31, 2024. a. At the end of January, the company estimates that the remaining units of inventory purchased on January 12 are expected to sell in February for only $100 each. [Hint Determine the number of units remaining from January 12 after subtracting the units returned on January 15 and the units assumed sold (FIFO) on January 19.] b. The company records an adjusting entry for $3,530 for estimated future uncollectible accounts. c. The company accrues interest on notes payable for January. Interest is expected to be paid each December 31 . d. The company accrues income taxes at the end of January of $14,200. Required: 1. Record each of the transactions listed above, assuming a FIFO perpetual inventory system. Required: 1. Record each of the transactions listed above, assuming a FIFO perpetual inventory system. a. At the end of January, the company estimates that the remaining units of inventory purchased on January 12 are expected to sell in February for only $100 each. [Hint: Determine the number of units remaining from January 12 after subtracting the units returned on January 15 and the units assumed sold (FIFO) on January 19.] b. The company records an adjusting entry for $3,530 for estimated future uncollectible accounts. c. The company accrues interest on notes payable for January. Interest is expected to be paid each December 31 . d. The company accrues income taxes at the end of January of $14,200. 2. Record adjusting entries on January 31 for the above transactions. a. At the end of January, the company estimates that the remaining units of inventory purchased on January 12 are expected to sell in February for only $100 each. [Hint: Determine the number of units remaining from January 12 after subtracting the units returned on January 15 and the units assumed sold (FIFO) on January 19.] b. The company records an adjusting entry for $3,530 for estimated future uncollectible accounts. d. The company accrues interest on notes payable for January. Interest is expected to be paid each December 31. 3. Prepare an adjusted trial balance as of January 31,2024. 4. Prepare a multiple-step income statement for the period ended January 31,2024. 5. Prepare a classified balance sheet as of January 31,2024. 6. Record closing entries. 7. Analyze how well the company manages its inventory: a-1. Calculate the inventory turnover ratio for the month of January. a-2. If the industry average of the inventory turnover ratio for the month of January is 17.5 times, is the company managing its inventory more or less efficiently than other companies in the same industry? b-1. Calculate the gross profit ratio for the month of January. b-2. If the industry gross profit ratio is 31%, is the company more or less profitable per dollar of sales than other companles in c. 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 Complete this question by entering your answers in the tabs below. Journal entry worksheet At the end of January, the company estimates that the remaining units of inventory purchased on January 12 are expected to sell in February for only $100 each. Record the adjusting entry for net realizable value. Note: Enter debits before credits. Prepare a multiple-step income statement for the period ended Januarv 31 2024. Prepare a classified balance sheet as of January 31, 2024. (Amounts to be deducted should be indicated with a minue eian. Record closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first ace Journal entry worksheet Record the entry to close the revenue accounts. Note: Enter debits before credits. 7. Analyze how well the company manages its inventory: a-1. Calculate the inventory turnover ratio for the month of January. (Round your final answer to 1 decimal.) a-2. If the industry average of the inventory turnover ratio for the month of January is 17.5 times, is the company managing its inventory more or less efficlently than other companies in the same industry? b-1. Calculate the gross profit ratio for the month of January. (Round your final answer to 1 decimal.) b-2. If the industry average gross profit ratio is 31%, is the company more or less profitable per dollar of sales than other companies in the same industry? c. Is the company's strategy to sell a higher volume of less expensive items or does the company appear to be selling a fower volume of more expensive items? On January 1, 2024, the general ledger of a company includes the following account balances: The $49,000 beginning balance of inventory consists of 490 units, each costing $100. During January 2024 , a company had the following inventory transactions: January 3 Purchase 1,750 units for $196,000 on account (\$112 each). January 8 purchase 1,850 unita for $216,450 on account (\$117 each). January 12 purchase 1,950 units for $237,900 on account (\$122 each). January 15 Return 195 of the units purchased on January 12 because of defects. January 19 Soll 5,700 unita on account for $855,000. The cont of the units sold in determined uaing a FIFO perpetual inventory nystem. January 22 Recelve $837,000 from customers on accounta receivable. January 24 Pay $620,000 to inventory suppliera on accounta payable. January 27 write of accounte receivable as uncollectible, $2,800. January 31 Pay cash for salaries during January, $138,000. The following information is available on January 31, 2024. a. At the end of January, the company estimates that the remaining units of inventory purchased on January 12 are expected to sell in February for only $100 each. [Hint Determine the number of units remaining from January 12 after subtracting the units returned on January 15 and the units assumed sold (FIFO) on January 19.] b. The company records an adjusting entry for $3,530 for estimated future uncollectible accounts. c. The company accrues interest on notes payable for January. Interest is expected to be paid each December 31 . d. The company accrues income taxes at the end of January of $14,200. Required: 1. Record each of the transactions listed above, assuming a FIFO perpetual inventory system. Required: 1. Record each of the transactions listed above, assuming a FIFO perpetual inventory system. a. At the end of January, the company estimates that the remaining units of inventory purchased on January 12 are expected to sell in February for only $100 each. [Hint: Determine the number of units remaining from January 12 after subtracting the units returned on January 15 and the units assumed sold (FIFO) on January 19.] b. The company records an adjusting entry for $3,530 for estimated future uncollectible accounts. c. The company accrues interest on notes payable for January. Interest is expected to be paid each December 31 . d. The company accrues income taxes at the end of January of $14,200. 2. Record adjusting entries on January 31 for the above transactions. a. At the end of January, the company estimates that the remaining units of inventory purchased on January 12 are expected to sell in February for only $100 each. [Hint: Determine the number of units remaining from January 12 after subtracting the units returned on January 15 and the units assumed sold (FIFO) on January 19.] b. The company records an adjusting entry for $3,530 for estimated future uncollectible accounts. d. The company accrues interest on notes payable for January. Interest is expected to be paid each December 31. 3. Prepare an adjusted trial balance as of January 31,2024. 4. Prepare a multiple-step income statement for the period ended January 31,2024. 5. Prepare a classified balance sheet as of January 31,2024. 6. Record closing entries. 7. Analyze how well the company manages its inventory: a-1. Calculate the inventory turnover ratio for the month of January. a-2. If the industry average of the inventory turnover ratio for the month of January is 17.5 times, is the company managing its inventory more or less efficiently than other companies in the same industry? b-1. Calculate the gross profit ratio for the month of January. b-2. If the industry gross profit ratio is 31%, is the company more or less profitable per dollar of sales than other companles in c. 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 Complete this question by entering your answers in the tabs below. Journal entry worksheet At the end of January, the company estimates that the remaining units of inventory purchased on January 12 are expected to sell in February for only $100 each. Record the adjusting entry for net realizable value. Note: Enter debits before credits. Prepare a multiple-step income statement for the period ended Januarv 31 2024. Prepare a classified balance sheet as of January 31, 2024. (Amounts to be deducted should be indicated with a minue eian. Record closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first ace Journal entry worksheet Record the entry to close the revenue accounts. Note: Enter debits before credits. 7. Analyze how well the company manages its inventory: a-1. Calculate the inventory turnover ratio for the month of January. (Round your final answer to 1 decimal.) a-2. If the industry average of the inventory turnover ratio for the month of January is 17.5 times, is the company managing its inventory more or less efficlently than other companies in the same industry? b-1. Calculate the gross profit ratio for the month of January. (Round your final answer to 1 decimal.) b-2. If the industry average gross profit ratio is 31%, is the company more or less profitable per dollar of sales than other companies in the same industry? c. Is the company's strategy to sell a higher volume of less expensive items or does the company appear to be selling a fower volume of more expensive items