Problem 6.8A (Algo) A Comprehensive Problem (LO6-1, LO6-2, LO6-3, LO6-4, LO6-5, LO6-6, LO6-7, LO6- 8) CPI sells computer peripherals At December 31, year 1, CPI's inventory amounted to $560,000. 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 odens and Bo printers from Sharp. The total cost of these machines was 531,000, terms 3/10, 1/68. Jan. 6 Sold 30 different types of products on account to Pace Corporation. The total sales price was 516,000, terns 5/10, n/90. The total cost of these 30 units to CPI was $10,080 (net of the purchase discount). CP 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, assuming that CPl uses a perpetual Inventory system c. Compute the balance in the inventory account at the close of business on January 6, d. Prepare journal entries to record the two transactions, assuming that CPI uses a periodic inventory system e. Compute the cost of goods sold for the first week of January assuming use of the periodic system, (Use your answer to partc as the ending inventory) g. Compute the gross profit margin on the January 6 sales transaction Complete this question by entering your answers in the table below. Required Required Required Required Required Prepare journal entries to record these transactions, assuming that CPI uses a perpetual Inventory system. (if no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet 1 2 3 > Record the purchase of merchandise on account; terms, 3/10, 1/60