CPI is a retail company that sells computer accessories. At January 1, 2018, CPI's inventory amounted to $500,000 (Beginning balance). During the first week of January 2019, the company made only one purchase and one sale. These transactions were as follows: Jan 2: Purchased 20 modems and 80 printers from Sharp on account. The total cost of these inventory items was $25,000, terms 3/10, 1/60. Jan 6: Sold 30 different types of inventory items in cash to Pace Corporation. The total sales price was $10,000. The total cost of these 30 units to CPI was $7,000. 1. Prepare journal entries to record these two transactions assuming that CPI uses a perpetual inventory system. (1.5pt) 2. Prepare journal entries to record these two transactions assuming that CPI uses a periodic inventory system. (Ipt) 3. Compute the gross profit on the January 6 sales transaction. (1pt) 4. Assume that CPI failed to pay for the purchase made on January 2 within the discount period. Prepare the journal entry in the accounting records of CPI to record payment after the discount period. (Ipt)