Sky Probe sells state-of-the-art telescopes to individuals and organizations interested in studying the solar system. At December 31 last year, the company's inventory amounted to $2,500,000. During the first week of January this year, the company made only one purchase and one sale. These transactions were as follows: Jan. 2 Sold one telescope costing $900,000 to Beijing University for cash, $1,170,000 Jan. 5 Purchased merchandise on account from Lunar Optics, $500,000. Terms, net 30 days. a. Prepare journal entries to record these transactions assuming that Sky Probe uses the perpetual inventory system. Use separate entries to record the sales revenue and the cost of goods sold for the sale on January 2. (Omit the "$" sign in your response.) General Journal Debit Credit (Click to select) (Click to select) (Click to select) (Click to select) 111 IDO (Click to select) (Click to select) b. Compute the balance of the Inventory account on January 7. Inventory at January 7 c. Prepare journal entries to record the two transactions, assuming that Sky Probe uses the periodic inventory system. (Omit the "S" sign in your response.) General Journal Debit Credit (Click to select) (Click to select) (Click to select) (Click to select) 0 0 d. Compute the cost of goods sold for the first week of January assuming use of a periodic inventory system. Use your answer to part b as the ending inventory. (Omit the "$" sign in your response.) Cost of goods sold $ e. Which inventory system do you believe that a company such as Sky Probe would probably use? Periodic inventory system Perpetual inventory system