DE9-8 Jetlink Data Systems markets ink used in inkjet printers. Jetlink started the year with 100 containers
Question:
DE9-8 Jetlink Data Systems markets ink used in inkjet printers. Jetlink started the year with 100 containers of ink (weighted-average cost of $9.14 each; FIFO cost of $9 each, LIFO cost of $8 each). During the year. Jetlink purchased 800 containers of ink at $14 and sold 700 units for $22 each, with all transactions on account. Journalize Jetlink's purchases, sales, and cost of goods sold transactions using the following format. Jetlink uses the perpetual inventory method to account for inkjet-printer ink. Debit/Credit Amounts Accounts Weighted- Average* FIFO LIFO * Round weighted-average unit cost to the nearest cent.
Step by Step Answer:
Accounting
ISBN: 9780130906991
5th Edition
Authors: Charles T. Horngren, Walter T. Harrison, Linda S. Bamber, Betsy Willis, Becky Jones