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Required information On January 1, 2024, the general ledger of Big Blast Fireworks includes the following account balances: The $46,000 beginning balance of inventory consists of 460 units, each costing $100. During January 2024, Big Blast Fireworks had the following inventory transactions: January 3 Purchase 1,450 units for $158, 050 on account ( $109 each). January 8 Purchase 1,550 units for $176,700 on account ( $114 each). Jonuary 12 Purchase 1,650 units for $196,350 on account ( $119 each). January 15 Return 180 of the units purchased on January 12 because of January 19Sell4,800 units on account for $729,900. inventory system. January 22 Recelve $705, 000 from customers on accounts receivable. January 24 Pay $500,000 to inventory suppliers on accounts payable. January 27 Write off accounts receivable as uncollectible, $2,500. January 31 pay cash for salaries during January, $135,600. 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 retumed on January 15 and the units assumed sold (FIFO) on January 197 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 $13,900 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 $13,900 7. Analyze how well Big Blast Firework' manages its inventory 0-1. Calculate the inventory turnover ratio for the month of January. (Round your final answer to 1 decimal.) 0.2. If the industry average of the inventory turnover fatio for the month of January is 15 times, is the company managing its ipiventory 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 2.8%, is the company more or fess profitable per dollar of sales than other companies in the same industry? c. Is the companys strategy to sell a higher volume of less expensive items or does the company appear to be selling a fower volume of more experisive iterms