Required information E7-12 (Algo) Using FIFO for Multiproduct Inventory Transactions (Chapters 6 and 7) [LO 6-3, LO 6-4, LO 7-3] [The following information applies to the questions displayed below.] FindMe Incorporated, (FI) has developed a coin-sized tracking tag that attaches to key rings, wallets, and other items and can be prompted to emit a signal using a smartphone app. Fl sells these tags, as well as water-resistant cases for the tags, with terms FOB shipping point. Assume FI has no inventory at the beginning of the month, and it has outsourced the production of its tags and cases. Fl uses FIFO and has entered into the following transactions: January 2 FI purchased and received 390 tags from Xioasi Manufacturing (XM) at a cost of $8 per tag, n/15. January 4 FI purchased and received 190 cases from Bachittar Products (BP) at a cost of $3 per case, n/20. January 6 FI paid cash for the tags purchased from XM on January 2. January 8 FI mailed 290 tags via the U.S. Postal Service (USPS) to customers at a price of $34 per tag, on account. January 11 FI purchased and received 490 tags from XM at a cost of $11 per tag, n/15. January 14 FI purchased and received 290 cases from BP at a cost of $4 per case, n/20. January 16 FI paid cash for the cases purchased from BP on January 4. January 19 FI mailed 250 cases via the USPS to customers at a price of $13 per case, on account. January 21 FI mailed 390 tags to customers at a price of $34 per tag. E7-12 (Algo) Part 1 Required: 1. Prepare journal entries for each of the above dates, assuming Fl uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet < 1 2 3 4 5 6 7 8 12 Record the purchase of 390 tags. Note: Enter debits before credits. Date January 02 General Journal Debit Credit View general journal Record entry Clear entry Journal entry worksheet 1 2 3 4 5 6 7 00 8 Record the purchase of 190 cases. Note: Enter debits before credits. Date January 04 12 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 Record the payment of cash. Note: Enter debits before credits. Date January 06 60 7 00 8 12 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 Record the sale of 290 tags. Note: Enter debits before credits. Date January 08 60 7 00 8 12 > General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 7 Record the cost of goods of the 290 tags sold. Note: Enter debits before credits. Date January 08 00 12 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 8 12 > Record the purchase of 490 tags. Note: Enter debits before credits. Date January 11 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 8 12 Record the purchase of 290 cases. Note: Enter debits before credits. Date January 14 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 8 .. 12 Record the payment of cash. Note: Enter debits before credits. Date January 16 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 ..... 5 6 7 8 Record the sale of 250 cases. Note: Enter debits before credits. Date January 19 6 9 10 11 12 > General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 ..... 5 6 7 8 9 Record the cost of goods of the 250 cases sold. Note: Enter debits before credits. Date January 19 10 10 11 12 > General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 ..... 5 6 7 Record the sale of 390 tags. Note: Enter debits before credits. Date January 21 00 8 9 10 11 12 > General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 ... 5 6 7 8 9 10 11 12 Record the cost of goods of the 390 tags sold. Note: Enter debits before credits. Date January 21 General Journal Debit Credit View general journal Record entry Clear entry