on January 1, supplies university company had an inventory of 30 MP3 players at a cost of $80 each. The company uses a periodic inventory system. During January the following transactions occurred:

Jan 7 purchased 60 MP3 players at $75 each from Digital Co for cash

Jan 9 paid freight of $80 on the MP3 players purchased from Digital Co.

Jan 10 returned two players to Digital Co. for $150 because they did not meet specifications

Jan 12 sold 26 MP3 players costing $80 including freight for $120 each terms n/30

Jan 14 granted credit to customer of January 13 for $120 related to the return of one MP3 player

instructions journalize the January transactions

if on January 31, University Supplies physical inventory count revealed 63 MP3 players on hand; five at a cost of $80 and the remainder at a cost of $75

instructions calculate the cost of goods sold for January