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General Ledger Account Analyze how well Big Blast Fireworks' manages its inventery: Calculate the inventory turnover ratio for the month of January. If the industry average of the inventory tumover fatio for the month of Jonuary is 14 nes, is the company managing its inventory more or less efficiontly than other companies in the same industry? he inventory turnover ratio is: the company managing its inventory more or less efficiently than other companies in tht same industry? Calculate the gross profit ratio for the month of January. If the industry average gross profit ratio is 29%, is the company more or less profitable per ollar of sales than other companies in the same indusiry? he gross profit ratio is: the company more or less profitable per dollar of sales than other companies in the same industy? ) Used together, what might the inventory tumover ratio and gross proft ratio suggest about Big Blast Fireworks' business strategy? is the company's trategy to sell a higher volume of less expensive items or does the company appear to be selling a lower volume of more expensive ilems? Journal entry worksheet Journal entry worksheet Sele: Bever onclis before creots. sournal encry worksheet 1 9 10 12 13 16 The company acoves interest on nokes payable for January. Interest is expected to be paid each December 31. Note Enour eesita Belfore cundta. Trantion enry worksheet Netal Ever axbis beture creaks. Jolunai entry worksheet defects. Record the sale of 4,500 unds on account for 4675,000 . Notet Enter deses beting ores. 16 Recond the cost of the units sold, which is determined uning a frro perpetual inventory syitem. Unadjusted Journal entry worksheet 23 4 5 6 76 16 Recont the receipt of $661,000 frem customers in accounts reoeiwable Journal entry worksheet At the end of Jahuary, the company estimates that the remaining unis of Irventory are expected to sed in February for only $100 each. Record the adjosking entry for imventory. Nobe: Encer debcs Dehore etedta. On January 1, 2024, the general ledger of Big Blast Fireworks includes the following account balances: The $45,000 beginning balance of inventory consists of 450 units, each costing $100. During January 2024, Big Blast Fireworks had the following inventory transactions: January 3 Purchase 1,350 units for $145,800 on account ( $108 each). January 8 Purchase 1,450 units for $163,850 on account ( $113 each). January 12 Purchase 1,550 units for $182,900 on account ( $118each ). January 15 Return 175 of the units purchased on January 12 because of defects. January 19 Sell 4,500 units on account for $675,000 The cost of the units sold is determined using a FIFO perpetuat. January 22 Receive $661,000 from customers on accounts receivable. January 24 Pay $440,600 to inventory suppliers on accounts payable. January 27 Write off accounts receivable as uncollectible, $2,400. January 31 Pay cash for salaries during January, $134,000. The following information is avaliable on January 31,2024. a. At the end of January, the company estimates that the remaining units of inventory purchased on Jnuary 12 are expected to sell in Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjus.ci, or post-closir balances will appear for each account, based on your selection. 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 $3,255, 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 $13,800. 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 to 10) assuming a FIFO perpetual inventory system. Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record adjusting entries on January 31 . in the 'General Journal' tab (these are shown as items 11 to 14). 3. Review the adjusted 'Trial Balance' as of January 31, 2024, in the 'Trial Balance' tab. 4. Prepare a multiple-step income statement for the period ended January 31, 2024, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of January 31, 2024, in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab (these are shown as items 15 and 16). 7. Using the information from the requirements above, complete the 'Analysis' tab. Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs