Quick Office Products markets the ink used in inkjet printers. Quick started the year with 16,000 containers of ink (moving-weighted-average cost of $22 each; FIFO cost of $20 each). During the year, Quick purchased 94,000 containers of ink at $36 on the first day of its fiscal year and sold 74,000 units for $62 each, with all transactions on account. Quick paid a total of $1,800,000 in operating expenses throughout the year. Joumalize Quick's purchases, sales, and operating expense transactions under the following format. Quick uses a perpetual inventory system to account for inkjet printer ink Record the transaction to purchase inventory (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
Quick Office Products markets the ink used in inkjet printers. Quick started the year with 16,000 containers of ink (moving-weighted-average cost of $22 each; FIFO cost of $20 each). During the year, Quick purchased 94,000 containers of ink at $36 on the first day of its fiscal year and sold 74,000 units for $62 each, with all transactions on account. Quick paid a total of $1,800,000 in operating expenses throughout the year. Joumalize Quick's purchases, sales, and operating expense transactions under the following format. Quick uses a perpetual inventory system to account for inkjet printer ink Record the transaction to purchase inventory (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![Quick Office Products markets the ink used in inkjet printers. Quick started the year with 16,000 containers of ink (moving-weighted average cost of $22 each; FIFO cost of $20 each). During
the year, Quick purchased 94,000 containers of ink at $36 on the first day of its fiscal year and sold 74,000 units for $62 each, with all transactions on account. Quick paid a total of $1,800,000 in
operating expenses throughout the year.
Joumalize Quick's purchases, sales, and operating expense transactions under the following format. Quick uses a perpetual inventory system to account for inkjet printer ink
Record the transaction to purchase inventory. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
DEBIT/CREDIT AMOUNTS
Accounts
Record the sales transaction.
Accounts
Moving-Weighted-Average
DEBIT/CREDIT AMOUNTS
Moving-Weighted-Average
FIFO
FIFO](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc5cf7c50-44ea-44ce-9b63-fad7f7c622e0%2Fae3b4985-d3dd-4ed0-ba32-3fdba210abb7%2F3bulbes_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Quick Office Products markets the ink used in inkjet printers. Quick started the year with 16,000 containers of ink (moving-weighted average cost of $22 each; FIFO cost of $20 each). During
the year, Quick purchased 94,000 containers of ink at $36 on the first day of its fiscal year and sold 74,000 units for $62 each, with all transactions on account. Quick paid a total of $1,800,000 in
operating expenses throughout the year.
Joumalize Quick's purchases, sales, and operating expense transactions under the following format. Quick uses a perpetual inventory system to account for inkjet printer ink
Record the transaction to purchase inventory. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
DEBIT/CREDIT AMOUNTS
Accounts
Record the sales transaction.
Accounts
Moving-Weighted-Average
DEBIT/CREDIT AMOUNTS
Moving-Weighted-Average
FIFO
FIFO
![Record the cost of goods sold. (Round intermediary calculations to two decimal places. Round your final answer to the nearest whole dollar.)
DEBIT/CREDIT AMOUNTS
Accounts
Moving-Weighted-Average
Record the payment of operating expenses.
Accounts
DEBIT/CREDIT AMOUNTS
Moving-Weighted-Average
FIFO
FIFO](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc5cf7c50-44ea-44ce-9b63-fad7f7c622e0%2Fae3b4985-d3dd-4ed0-ba32-3fdba210abb7%2Fn431bko_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Record the cost of goods sold. (Round intermediary calculations to two decimal places. Round your final answer to the nearest whole dollar.)
DEBIT/CREDIT AMOUNTS
Accounts
Moving-Weighted-Average
Record the payment of operating expenses.
Accounts
DEBIT/CREDIT AMOUNTS
Moving-Weighted-Average
FIFO
FIFO
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