[The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Cash Debit $ 25,100 Credit 44,500 $ 3,500 46,000 85,600 27,200 Notes Payable (9%, due in 3 years) 46,000 Common Stock 72,000 52,500 $201,200 $201,200 Accounts Payable Retained Earnings Totals The $46,000 beginning balance of Inventory consists of 460 units, each costing $100. During January 2021, 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). January 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 defects. January 19 Sell 4,800 units on account for $720,000. The cost of the units sold is determined using a FIFO perpetual inventory system. January 22 Receive $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, $135,000.