E6-8 Max Office Products markets the ink used in inkjet printers. Max started the year with 10,000 containers of ink (moving-weighted-average cost of $18 each; FIFO cost of $16 each). During the year, Max had the following transactions (summarized for simplicity): i. purchased 80,000 containers of ink at $22 each, ii. sold 70,000 units for $46 each, and iii. paid a total of $500,000 in operating expenses. All transactions are on account. Journalize Max's purchases, sales, and operating expense transactions using the following format. Max uses a perpetual inventory system to account for inkjet printer ink. Date Accounts The format is as follows. *Round moving-weighted-average unit cost to the nearest cent. Date Accounts Debit Moving-Weighted- Average* blank blank Debit blank Credit blank blank Moving Weighted Average, asterisk symbol FIFO Credit Debit blank FIFO Debit Credit blank blank Credit A note for asterisk symbol reads, round moving-weighted-average unit cost to the nearest cent.

E6-8 Max Office Products markets the ink used in inkjet printers. Max started the year with 10,000 containers of ink (moving-weighted-average cost of $18 each; FIFO cost of $16 each). During the year, Max had the following transactions (summarized for simplicity): i. purchased 80,000 containers of ink at $22 each, ii. sold 70,000 units for $46 each, and iii. paid a total of $500,000 in operating expenses. All transactions are on account. Journalize Max's purchases, sales, and operating expense transactions using the following format. Max uses a perpetual inventory system to account for inkjet printer ink. Date Accounts The format is as follows. Round moving-weighted-average unit cost to the nearest cent. Date Accounts Debit Moving-Weighted- Average blank blank Debit blank Credit blank blank Moving Weighted Average, asterisk symbol FIFO Credit Debit blank FIFO Debit Credit blank blank Credit A note for asterisk symbol reads, round moving-weighted-average unit cost to the nearest cent.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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