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) Find Me 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 Fl 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 220 tags from Xioasi Manufacturing (XM) at a cost of $10 per tag, n/15. January 4 PI purchased and received 30 cases from Bachittar Products (BP) at a cost of $2 per case, n/20. January 6 PI paid cash for the tags purchased from XM on January 2. January 8 fi mailed 120 tags via the U.S. Postal Service (USPS) to customers at a price of $30 per tag, on account. January 11 FI purchased and received 320 tags from XM at a cost of $13 per tag, n/15. January 14 FI purchased and received 120 cases from BP at a cost of $3 per case, n/20. January 16 FI paid cash for the cases purchased from BP on January 4. January 19 FI mailed 80 cases via the USPS to customers at a price of $12 per case, on account. January 21 PI mailed 220 tags to customers at a price of $30 per tag, on account. Required: 1. Prepare journal entries for each of the above dates, assuming Ft uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the purchase of 220 tags. Note: Enter debits before credits Date General Journal Debit Credit January 02 Record entry Clear entry View general journal Journal entry worksheet Record the purchase of 30 cases. Note: Enter debits before credits. Date General Journal Debit Credit January 04 Record entry Clear entry View general journal Journal entry worksheet Record the sale of 120 tags. Note: Enter debits before credits, Date General Journal Debit Credit January 08 Record entry Clear entry View general journal View transaction list Journal entry worksheet Record the purchase of 320 tags. Note: Enter debits before credits. Date General Journal Debit Credit January 11 Record entry Clear entry View general journal Journal entry worksheet Record the payment of cash. Note: Enter debits before credits. Date General Journal Debit Credit January 16 Record entry Clear entry View general journal View transaction list Journal entry worksheet Record the sale of 80 cases. Note: Enter debits before credits. Date General Journal Debit Credit January 19 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 ..... 5 6 7 8 9 10 12 Record the cost of goods of the 80 cases sold. Note: Enter debits before credits. Date General Journal Debit Credit January 19 Record entry Clear entry View general journal w transaction list Journal entry worksheet
