CPI sells computer peripherals. At December 31, year 1, CPI's inventory amounted to $530,000. Durin the first week in January, year 2, the company made only one purchase and one sale.

CPI sells computer peripherals. At December 31 , year 1 , CPl's inventory amounted to $530,000. During the first week in January, year 2 , the company made only one purchase and one sale. These transactions were as follows: January 2 Purchased 20 modems and 80 printers from Sharp. The total cost of these machines was $28,000, terms 3/10,n/60. January 6 Sold 30 different types of products on account to Pace Corporation. The total sales price was $13,000,terms5/10,n/90.Thetotalcostofthese30unitstoCPIwas$8,580(netofthepurchasediscount). January 2 Purchased 20 modems and 80 printers from Sharp. The total cost of these machines was $28,000, terms 3/10,n/60. January 6 Sold 30 different types of products on account to Pace Corporation. The total sales price was $13,000, terms 5/10,n/90. The total cost of these 30 units to CPI was $8,580 (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. 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. Complete this question by entering your answers in the table below. Prepare journal entries to record these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field