journal entries

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. FI 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. FI uses FIFO and has entered into the following transactions: January 2 FI purchased and received 310 tags from Xioasi Manufacturing (XM) at a cost of \$8 per tag, n/15. January 4 FI purchased and received 110 cases from Bachittar Products (BP) at a cost of $3 per case, n/20. January 6FI paid cash for the tags purchased from XM on January 2. January 8FI mailed 210 tags via the U.S. Postal Service (USPS) to customers at a price of $28 per tag, on account. January 11FI purchased and received 410 tags from XM at a cost of $11 per tag, n/15. January 14FI purchased and received 210 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 170 cases via the USPS to customers at a price of $15 per case, on account. January 21FI mailed 310 tags to customers at a price of $28 per tag, on account. 1. Prepare journal entries for each of the above dates, assuming FI uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)