Max Office Products markets the ink used in inkjet printers. Max started the year with 10,000 containers of ink (moving-weighted-average cost of $18 each; FIFO cost of $16 each).

During the year, Max 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. Max paid a total of $500,000 in operating expenses throughout the year.

Journalize Max's purchases, sales, and operating expense transactions using the following format. Max uses a perpetual inventory system to account for inkjet printer ink.

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Debit/Credit Amounts Moving Weighted Accounts Average* FIFO Round moving-weighted-average unit cost to the nearest cent.