Balkin Office Products markets the ink used in inkjet printers. Balkin started the year with 10,000 containers of ink (moving-weighted-average cost of $18 each; FIFO cost of $16 each). During the year, Balkin purchased 80,000 containers of ink at $22 on the first day of its fiscal year and sold 70,000 units for $46 each, with all transactions on account. Balkin paid operating expenses throughout the year, a total of $1,000,000.
Journalize Balkin's purchases, sales, and operating expense transactions under the following format. Balkin uses the perpetual inventory system to account for inkjet printer ink.
DEBIT/CREDIT AMOUNTS
Moving-Weighted-
Accounts _____________________________________________ Average* FIFO
*Round moving-weighted-average unit cost to the nearest cent.