Using the LIFO in its perpetual inventory system

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l ine ronowing inrormaton appies 0 tne questions aspsayed Delower Tracer Advance Corporation (TAC) sells a tracking implant that veterinarlans surgically Insert into pets. TAC began January with an Inventory of 200 tags purchased from its suppler in November last yoor at a cost of $18 per tag. plus 100 tags purchased in December last year at a cost of $24 per tag. TAC uses a perpetual inventory system to account for the following transactions. Jan. 3 TAC gave 250 tags to a courier company (UPS) to deliver to veterinarian customers. The of 3 sales price was $53 per tag, and the sales terms were n/3e, FOB shipping point. Jan. 4 UPS confirmed that all 258 tags were delivered today to customers. Jan. 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 $37 per tag, n/30. 57:03 Jan. 19 The 35e 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 ($358 total). price of $53 per tag, n/30, FOB shipping point. physical adjustment" to account for the missing 5 tags. an. 23 TAC gave 375 tags to UPS, which were delivered "same day" to veterinarian customers at a Jan. 28 TAC received cash payment from customers for 125 of the tags delivered January 4. Jan. 31 TAC counted its inventory and determined 20 tags were on hand. TAC made a "book-to- Assume Tracer Advance Corporation (TAC) uses LIFO in its perpetual inventory system. Prepare the journal (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet Credit Date General Journal No 13,250 Jan 03 Accounts Receivable Sales Revenue 2Jan 03 Cost of Goods Sold