On January 1, 2024, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Debit Credit Cash $22,100 Accounts Receivable 37,000 Allowance for Uncollectible Accounts $3,300 Inventory 31,000 Land 63,100 Accounts Payable 31,900 Notes Payable (68, due in 3 years) 31,000 Common Stock 57,000 Retained Earnings 30,000 Totals $153,200 $153,200 The $31,000 beginning balance of inventory consists of 310 units, each costing $100. During January 2024, Big Blast Fireworks had the following inventory transactions: January 3 Purchase 1,000 units for $106,000 on account ($106 each). January 8 Purchase 1,100 units for $122,100 on account ($111 each). January 12 Purchase 1,200 units for $139,200 on account ($116 each). January 15 Return 105 of the units purchased on January 12 because of defects. January 19 Sell 3,400 units on account for $544,000. The cost of the units sold is determined using a PIFO perpetual inventory system. January 22 Receive $489,000 from customers on accounts receivable. January 24 Pay $319,000 to inventory suppliers on accounts payable. January 27 Write off accounts receivable as uncollectible, $2,600. January 31 Pay cash for salaries during January, $115,000. 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 $5,410 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 $12,400. 7. Analyze how well Big Blast Fireworks' 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 18 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. (Round your final answer to 1 decimal.) b-2. If the industry average gross profit ratio is 34%, 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 lower volume of more expensive items? a1. The Inventory turnover ratio is a2. The company is managing its inventory b1. The Gross Profit Ratio is b2. Profitability per dollar of sales is c. The company appears to be selling a