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 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 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.) 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 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 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.)