on January 1, university supplies 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.

January 7 puchased 60 MP3 players at $75 each from Digital Co for cash

January9 paid freight of $80 on the MP3 players purchased from digital co.

January 10 returned two players to digital co for $150 because they did not meet specifications

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

January 14 granted credit to customer of January 12 for $120 related to the return of one MP3

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 on January 31