$\backslash$table$[[$Accounts$,$Debit,Credit$],[$Cash$,$$$25,300,],[$Accounts Receivable,$45,000,],[$Allowance for Uncollectible Accounts,,$],[$Inventory$,47,000,],[$Land$,87,100,],[$Accounts Payable,,$26,700],[$Notes Payable $(128,$ due in $3$ years$),,47,000],[$Common Stock,,$73,000],[$Retained Earnings,,$54,000],[$Totals$,,],[204,400,$$$204,400,]]$

The $$47,000$ beginning balance of inventory consists of $470$ units, each costing $$100.$ During January $2024,$ Big Blast Fireworks had the following inventory transactions:

January $3$ Purchase $1,550$ units for $$170,500$ on account $($ $$110$ each$).$

January $8$ Purchase $1,650$ units for $$189,750$ on account $($ $$115$ each$).$

January $12$ Purchase $1,750$ units for $$210,000$ on account $($ $$120$ each$).$

January $15$ Return $185$ of the units purchased on January $12$ because of defects.

January $19$ Sell $5,100$ units on account for $$765,000.$ The cost of the units sold is determined using a FIF$0$ perpetual inventory system.

January $22$ Receive $$749,000$ from customers on accounts receivable.

January $24$ Pay $$520,000$ to inventory suppliers on accounts payable.

January $27$ Write off accounts receivable as uncollectible, $$2,600.$

January $31$ Pay cash for salaries during January, $$136,000.$

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 $$3,815$ 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 $$14,000.$

$7.$ 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 $16$ 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 $29\%,$ 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?