1. State College Technology Store is a retial computer store in the university center of a large midwestern university. The school engaged in the following transactions during January of the current year, At December 31 last year, the company's inventory amounted to $150000. (50 points) Jan. 8. Purchased 20 Nonpxe laptop computers on account from Led Inc. The laptop comptuers cost $800 each. Payment is due in 30 days Jan. 10 Sold 4 Nopxe laptop computers on account to the Department of Microbiology at State College at a retail sales price of $1200. Unit cost of each laptop was $1000. a. Prepare journal entries to record these transactions assuming that the company uses periodic inventory system Debit Credit Db CT Date Jan. 8 Date Debit Credit Db CH b. Compute the balance of the Inventory account on January 12 assuming that the company uses periodic inventory system. c. Compute the cost of goods sold assuming use of periodic inventory system