Office Products markets the ink used in inkjet printers.

Truro

started the year with

14,000

containers of ink (moving-weighted-average cost of

$22

each; FIFO cost of

$20

each). During the year,

Truro

purchased

90,000

containers of ink at

$34

on the first day of its fiscal year and sold

70,000

units for

$50

each, with all transactions on account.

Truro

paid a total of

$2,000,000

in operating expenses throughout the year.Journalize

Truro's

purchases, sales, and operating expense transactions under the following format.

Truro

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

Moving-Weighted-Average

FIFO

Inventory

Accounts Payable

Purchases on account.

Record the sales transaction.

		DEBIT/CREDIT	AMOUNTS
Accounts	Moving-Weighted-Average		FIFO

Accounts Receivable

Sales Revenue

Sales on account.

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		FIFO

Cost of Goods Sold

Inventory

Cost of goods sold.

Record the payment of operating expenses.

		DEBIT/CREDIT	AMOUNTS
Accounts	Moving-Weighted-Average		FIFO

Operating Expenses

Cash

Paid operating expenses.