CPI sells computer peripherals. At December 31 , year 1 , CPI's inventory amounted to $590,000. During the first week in January, year 2 , the company made only one purchase and one sale. These transactions were as follows: January2Purchased20modemsand80printersfromsharp.Thetotalcostofthesemachineswterms3/10,n/60.January6Sold30differenttypesofproductsonaccounttoPaceCorporation.Thetotalsale$19,000,terms5/10,n/90.Thetotalcostofthese30unitstoCPIwas$11,400(nepurchasediscount). January 2 Purchased 20 modems and 80 printers from sharp. The total cost of these machines w terms 3/10,n/60. January 6 Sold 30 different types of products on account to Pace Corporation. The total sale $19,000, terms 5/10,n/90. The total cost of these 30 units to CPI was $11,400 (ne 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. c. Compute the balance in the Inventory account at the close of business on January 6. d. Compute the cost of goods sold for the first week of January. e. Compute the gross profit and gross profit margin on the January 6 sales transaction