Perpetual Inventory System On January 10, Pastel Corp. purchased inventory for $240,000 and paid freight charges of $30,000 to acquire 9,000 units of inventory. On January 18, Pastel sold on credit 4,000 units of the inventory at $45 each. Payment of $100,000 was received on account on January 26. Pastel uses a perpetual inventory system.

a. Present Pastel’s journal entries to record these transactions in January.

b. Compute the amount of gross profit on sales for January.