$7-$S$1]$

$[$The following information applies to the questions displayed below.$]$

Tracer Advance Corporation $($TAC$)$ sells a tracking implant that veterinarians surgically insert into pets. TAC began January with an inventory of $200$ tags purchased from its supplier in November last year at a cost of $$18$ per tag, plus $100$ tags purchased in December last year at a cost of $$21$ per tag. TAC uses a perpetual inventory system to account for the following transactions.

January $3$ TAC gave $250$ tags to a courier company $($UPS$)$ to deliver to veterinarian customers. The sales price was $$66$ per tag, and the sales terms were $\frac{n}{30},$ FOB shipping point.

January $4$ UPS confirmed that all $250$ tags were delivered today to customers.

January $9$ TAC ordered $350$ tags from its supplier. The supplier was out of stock but promised to send them to TAC as soon as possible. TAC agreed to a cost of $$28$ per tag, $\frac{n}{30}.$

January $19$ The $350$ tags ordered on January $9$ were shipped to and received by TAC today. TAC complained about the delay between order and shipment date, so the supplier reduced the amount TAC owed by granting an allowance of $$1$ per tag $($ $$350$ total$).$

January $23$ TAC gave $375$ tags to UPS, which were delivered "same day" to veterinarian customers at a price of $$66$ per tag, $\frac{n}{30},$ FOB shipping point.

January $28$ TAC received cash payment from customers for $125$ of the tags delivered January $4.$ adjustment" $.$to account for the missing $5$ tags.

C$7-5($Algo$)$ LIFO

Assume Tracer Advance Corporation $($TAC$)$ uses LIFO in its perpetual inventory system. Prepare the journal entry for each transaction $($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$