1. State College Technology Store is a retial computer store in the university center of a large midwester university. The schoolengaged 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 laptor 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 Date Cr Debit Credit 20 Nonpxe laptop computers Db $4800 Jan. 8 LE (Ctrl- Date Debit Credit Db Cr 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. 699 SOZCUK TURKE