Required Information C7.3 through C7.5 (Algo) (Supplement 7A) Recording Inventory Purchases, Allowances, Sales, and Shrinkage Using Perpetual FIFO, Weighted Average, LIFO (Chapters 6 and 7) [LO 6.2, LO 6.3, LO 6.4, LO 7.S1] [The following Information applies to the questions displayed below.] Tracer Advance Corporation (TAC) sells a trackIng Implant that veterinarlans surglcally Insert Into pets. TAC began January with an Inventory of 200 tags purchased from Its supplier In November last year at a cost of $12 per tag, plus 100 tags purchased in December last year at a cost of $15 per tag. TAC uses a perpetual Inventory system to account for the following transactions. per tag, and the sales terms were n/3E, FOB shipping point. January 4 UPS confirmed that all 259 tags were delivered today to customers. soon as possible. TAC agreed to a cost of $22 per tag, n/36. between order and shipment date, so the supplier reduced the amount TAC owed by granting an allowance of $1 per tag ($350 total) tag, n/3,FOB shipping point. January 28 TAC received cash payment from customers for 125 of the tags delivered January 4. account for the missing 5 tags. C7-5 (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 requlred for a transaction/event, select "No Journal Entry Requlred" In the first account field.)