Required information E7-12 (Static) 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.] TrackR, Incorporated, (TI) 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. TI sells these tags, as well as water-resistant cases for the tags, with terms FOB shipping point. Assume TI has no inventory at the beginning of the month, and it has outsourced the production of its tags and cases. TI uses FIFO and has entered into the following transactions: January 2 II purchased and received 300 tags from Xioasi Manufacturing (XQ) at a cost of 59 per tag, n/ 15. January 4 TI purchased and received 100 cases from Bachittar Products (BP) at a cost of \$2 per case, n/20. January 6 II paid cash for the tags purchased from XM on January 2. January 8 TI mailed 200 tags via the U.S. Postal Service (USPS) to customers at a price of $30 per tag, on account. January 11 II purchased and received 400 tags from X9 at a cost of $12 per tag,n/15. January 14 II purchased and received 200 cases from BP at a cost of $3 per case, n/20. January 16 II paid cash for the cases purchased from BP on January 4 . January 19 TI mailed 160 cases via the USPS to customers at a price of $10 per case, on account. January 21 TI mailed 300 tags to customers at a price of $30 per tag, on account. Journal entry worksheet Note: Enter deblts before credits