On January 1, 2018, the general ledger of ABC includes the following account balances Accounts Cash Accounts Receivable Inventory Equipment and Land Accounts Payable Unearned Revenue Notes Payable (8%, due in 3 years) Common Stock Retained Earnings Debit Credit S 30,000 36,500 30,000 62,000 32,400 3,100 30,000 60,000 33,000 Totals The $30,000 beginning balance of inventory consists of 300 units, each costing $100. During January 2018, ABC had the following inventory transactions: January 3 Purchase 1,200 units for $126,000 on account ($105 each). January 8 Purchase 1,300 units for $143,000 on account ($110 each). January 12Purchase 1,400 units for $161,000 on account ($115 each). January 15 Return 100 of the units purchased on January 12 because of defects. January 19 Sell 4,000 units on account for $600,000. The cost of the units sold is January 22 January 24 January 31 determined using a FIFO perpetual inventory system. Receive $580,000 from customers on accounts receivable. Pay $410,000 to inventory suppliers on accounts payable. Pay cash for salaries during January, $128,000