Recording Inventory Purchases, Sales, and Shrinkage Using Perpetual Inventory Methods $($Chapters $6$ and $7)$

Chipolo sells a coin$-$sized tracking tag that attaches to keys, wallets, and other personal items. Chipolo began January with an inventory of $200$ tags purchased from its supplier in November last year at a cost of $$12$ per tag, plus $100$ tags purchased in December last year at a cost of $$15$ per tag. Chipolo sells the tags at a price of $$30$ per tag, on account with terms n$/30,$ FOB destination. Chipolo uses a perpetual inventory system to account for the following transactions.

Jan. $8$ Chipolo gave $250$ tags to a courier company $($FedEx$)$ to deliver to customers.

Jan. $9$ FedEx confirmed that all $250$ tags were delivered today to customers.

Jan. $11$ Chipolo ordered $350$ tags from its supplier. The supplier was out of stock but promised to send them to Chipolo as soon as possible. Chipolo agreed to a cost of $$21$ per tag, ni$30.$

Jan. $17$ Chipolo received cash payment from customers for $125$ of the tags delivered eight days earlier.

Jan. $21$ The $350$ tags ordered on January $11$ were shipped to and received by Chipolo today.

Jan. $23$ Chipolo gave $375$ tags to FedEx, which were delivered "same day" to customers.

Jan. $31$ Chipolo counted its inventory and determined $20$ tags were on band. Chipolo made a "bookto$-$physical adjustment" to account for the missing $5$ tags.

Required:

Assume Chipolo uses FIFO in its perpetual inventory system. For each dare, prepare the journal entry or provide an appropriate reason for not recording a joumal entry.

Now assume Chipolo uses weighted average cost in its perperual inventory system. Repeat Requirement $1.$

Now assume Chipolo uses LIFO in its perpetual inventory system. Repeat Requirement $1.$