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Best Office Products markets the ink used in inkjet printers. Best started the year with 19,000 containers of ink (moving-weighted-average cost of $19 each
Best Office Products markets the ink used in inkjet printers. Best started the year with 19,000 containers of ink (moving-weighted-average cost of $19 each FIFO cost of $17 each). During the year, Best purchased 98,000 containers of ink at $34 on the first day of its fiscal year and sold 84,000 units for $56 each, with all transactions on account. Best paid a total of $2.600,000 in operating expenses throughout the year Journalize Best's purchases, sales, and operating expense transactions under the following format. Best uses a perpetual inventory system to account for inket printer in Record the transaction to purchase inventory. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Accounts DEBIT/CREDIT AMOUNTS Moving-Weighted-Average FIFO
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