Required information

C$7-3$ through C$7-5($Algo$)($Supplement $7$A$)$ Recording Inventory Purchases, Allowances, Sales, and Shrinkage Using Perpetual RAFO, Weighted Average, LIFO $($Chapters $6$ and $7)[$LO $6-2,$ LO $6-3,$ LO $6-4,$ LO $7-$S$1]$

$[$The following information applies to the questions displayed below.$]$

Tracer Advance Corporation $($TAC$)$ sells a tracking implant that veterinarians surgically insert into pets. TAC began January with an inventory of $200$ tags purchased from its supplier in November last year at a cost of $$15$ per tag, plus $100$ tags purchased in December last year at a cost of $$18$ per tag. TAC uses a perpetual inventory system to account for the following transactions.

January $3$ TAC gave $250$ tags to a courier company $($UPS$)$ to deliver to veterinarian customers. The sales price was $$63$ per tag, and the sales terms were $\frac{n}{30},$ FOB shipping point.

January $4$ UPS confirmed that all $250$ tags were delivered today to customers.

January $9$ 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 $$25$ per tag, $\frac{n}{30}.$

January $19$ The $350$ 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 $$1$ per tag $($ $$350$ total$).$

January $23$ TAC gave $375$ tags to UPS, which were delivered "same day" to veterinarian customers at a price of $$63$ per tag, n$/30,$ FOB shipping point.

January $28$ TAC received cash payment from customers for $125$ of the tags delivered January $4.$

January $31$ TAC counted its inventory and determined $20$ tags were on hand. TAC made a "book$-$to$-$physical adjustment" to account for the missing $5$ tags.

C$7-3($Algo$)$ FIFO

Required:

Assume TAC uses FIFO in its perpetual inventory system. Prepare the journal entry for each transaction. $($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$