$1-$

CPI sells computer peripherals. At December $31,$ year $1,$ CPI's inventory amounted to $$680,000.$ During the first week in January, year $2,$ the company made only one purchase and one sale. These transactions were as follows.

Jan. $2$ Purchased $20$ modems and $80$ printers from Sharp. The total cost of these machines was $$43,000,$ terms $\frac{3}{10},$ n$/60.$

Jan. $6$ Sold $30$ different types of products on account to Pace Corporation. The total sales price was $$28,000,$ terms $\frac{5}{10},$ n$/90.$ The total cost of these $30$ units to CPI was $$14,280($net of the purchase discount$).$

CPI has a full$-$time accountant and a computer$-$based accounting system. It records sales at the gross sales price and purchases at net cost and maintains subsidiary ledgers for accounts receivable, inventory, and accounts payable.

Required:

b$.$ Prepare journal entries to record these transactions, assuming that CPI uses a perpetual inventory system.

c$.$ Compute the balance in the Inventory account at the close of business on January $6.$

d$.$ Prepare journal entries to record the two transactions, assuming that CPI uses a periodic inventory system.

e$.$ Compute the cost of goods sold for the first week of January assuming use of the periodic system. $($Use your answer to part c as the ending inventory.$)$