Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information The following information applies to the questions displayed below) FindMe Inc. (FI) has developed a coin-sized tracking tag that attaches to key rings,

image text in transcribed

image text in transcribed

Required information The following information applies to the questions displayed below) FindMe Inc. (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. El uses FIFO and has entered into the following transactions: Jan. 2: FI purchased and received 260 tags fron Xioasi Manufacturing (XM) at a cost of $7 per tag, n/15. Jan. 4: FI purchased and received 60 cases from Bachittar Products P) at a cost of $2 per case, /20 - Jan. 6: FI paid cash for the tags purchased from XM on Jan. 2. Jan. 8: PI mailed 160 tags via the U.S. Postal customers at a price of $30 per tag. on account. Jan. 111 FI purchased and received 360 tags fron XML a cost of $10 per tag: n/15 Jan.14: FI purchased and received 160 cases from BP at cose Jan. 16: I paid cash for the case purchased from BP on Jan 14 Jan.19: PI mailad 120 casas via the USPS to customers at a price of $15 per case, on account Jan.211 PI mailed 260 tags to customers prie per a Required: 1. Prepare journal entries for each of the above dates, assuming Tikeses a perpetual Inventory system (if no entry is required for a transaction/event, select "No journal entry required in the first account field.) Required information 3 4 5 6 7 8 12 Record the cost of goods of the 160 tags sold. Note: Enter debits before credits. Date General Journal Debit Credit Jan 08 Record entry Clear entry View general journal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Survey Of Accounting

Authors: Carl S. Warren

1st Edition

0538870850, 9780538870856

More Books

Students also viewed these Accounting questions

Question

How does the AutoFill feature of Excel help the worksheet user?

Answered: 1 week ago

Question

What are the other economic side effects of accidents?

Answered: 1 week ago