To read press ctrl(+)

Kramer Corp. reported the following sale and purchase transactions related to a specific product in January 2021: 105 Date Transaction Quantity Unit Cost Unit Sales Price Jan. 1 Beginning inventory 8 units $ 100 Jan. 3 Sale on account 6 units $ 220 Jan. 6 Purchase on account 14 units Jan. 8 Sale on account 7 units Jan. 9 Sale on account 5 units 220 Sales returned due to damage, $440 (two units that were sold on January 9). 15 The units were in very poor condition and were destroyed. 220 Jan. Kramer Corp. uses a perpetual inventory system and the FIFO inventory costing method. Required: 1. Compute net sales and gross profit for January 2021. Net sales Gross profit 2. Determine the inventory turnover ratio and the average days to sell inventory for January 2021. (Do not round your intermediate calculations. Round the final answers to 2 decimal places.) Inventory turnover ratio Average days to sell inventory days 3. Prepare the journal entries to record the purchase transaction on January 6, the sale transaction on January 8, and the sales return on January 15. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 1 2 3 4 > Record inventory of goods on account. Note: Enter debits before credits. General Journal Debit Credit Date Jan. 06