CPI sells computer peripherals At December 31, year 1, CPIs inventory amounted to $630,000 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 $38,000, terms 3 10, n 60 Jan 6 Sold 30 different types of products on account to Pace Corporation The total sales price was $23,000, terms 5 10, n 90 The total cost of these 30 units to CPI was $12,880 (net of the purchase discount) 1 Compute the balance in the Inventory account at the close of business on January 6 2 Compute the cost of goods sold for the first week of January assuming use of the periodic system (Use your answer to number 1 as the ending inventory )

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CPI sells computer peripherals. At December 31, year 1, CPIs inventory amounted to $630,000. During the first week in January, year 2, the company made

CPI sells computer peripherals. At December 31, year 1, CPIs inventory amounted to $630,000. 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 $38,000, terms 3/10, n/60.
Jan.	6		Sold 30 different types of products on account to Pace Corporation. The total sales price was $23,000, terms 5/10, n/90. The total cost of these 30 units to CPI was $12,880 (net of the purchase discount).

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

2. Compute the cost of goods sold for the first week of January assuming use of the periodic system. (Use your answer to number 1 as the ending inventory.)