Required information [The following information applies to the questions displayed below.] FindMe Inc., (FI) has developed...

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Required information [The following information applies to the questions displayed below.] FindMe Inc., (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. Fl 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. Fl uses FIFO and has entered into the following transactions: Jan. 2: FI purchased and received 370 tags from Xioasi Manufacturing (XM) at a cost of $9 per tag, n/15. Jan. 4: FI purchased and received 170 cases from Bachittar Products (BP) at a cost of $3 per case, n/20. Jan. 6: FI paid cash for the tags purchased from XM on Jan. 2. Jan. 8: FI mailed 270 tags via the U.S. Postal Service (USPS) to customers at a price of $24 per tag, on account. Jan.11: FI purchased and received 470 tags from X01 at a cost of $12 per tag, n/15. Jan.14: FI purchased and received 270 cases from BP at a cost of $3 per case, n/20. Jan. 16: FI paid cash for the cases purchased from BP on Jan. 4. Jan. 19: FI mailed 230 cases via the USPS to customers at a price of $14 per case, on account. Jan. 21: FI mailed 370 tags to customers at a price of $24 per tag. Required: 1. Prepare journal entries for each of the above dates, assuming TI uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No 1 2 3 4 5 6 7 8 9 10 Date Jan 02 Jan 04 Jan 06 Jan 08 Jan 08 Jan 11 Jan 14 Jan 16 Jan 19 Jan 19 Inventory Accounts Payable Accounts Payable Inventory Accounts Payable Cash Accounts Receivable Sales Revenue Cost of Goods Sold Inventory Accounts Payable Accounts Payable Inventory Inventory Accounts Payable Cash Accounts Receivable Sales Revenue Cost of Goods Sold Inventory General Journal ›› ›› ›› 33 33 ›› ›› ›› ›› 33 Debit 3,330 510 3,330 6,480 2,430 5,640 1,080 510 3,220 2,070 Credit 3,330 510 3,330 6,480 2,430 5,640 1,080 510 3,220 2,070 11 12 Jan 21 Jan 21 Accounts Receivable Sales Revenue Cost of Goods Sold Inventory >> 8,880 5,670 8,880 5,670 Answer is not complete. Complete this question by entering your answers in the tabs below. Required 2 Required 3 Required 4 Calculate the dollars of gross profit and the gross profit percentage from selling tags and cases. (Round your "Gross Profit Percentage" answers to 2 decimal places.) Tags Cases Gross Profit Gross Profit Percentage Required information [The following information applies to the questions displayed below.] FindMe Inc., (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. Fl 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. Fl uses FIFO and has entered into the following transactions: Jan. 2: FI purchased and received 370 tags from Xioasi Manufacturing (XM) at a cost of $9 per tag, n/15. Jan. 4: FI purchased and received 170 cases from Bachittar Products (BP) at a cost of $3 per case, n/20. Jan. 6: FI paid cash for the tags purchased from XM on Jan. 2. Jan. 8: FI mailed 270 tags via the U.S. Postal Service (USPS) to customers at a price of $24 per tag, on account. Jan.11: FI purchased and received 470 tags from X01 at a cost of $12 per tag, n/15. Jan.14: FI purchased and received 270 cases from BP at a cost of $3 per case, n/20. Jan. 16: FI paid cash for the cases purchased from BP on Jan. 4. Jan. 19: FI mailed 230 cases via the USPS to customers at a price of $14 per case, on account. Jan. 21: FI mailed 370 tags to customers at a price of $24 per tag. Required: 1. Prepare journal entries for each of the above dates, assuming TI uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No 1 2 3 4 5 6 7 8 9 10 Date Jan 02 Jan 04 Jan 06 Jan 08 Jan 08 Jan 11 Jan 14 Jan 16 Jan 19 Jan 19 Inventory Accounts Payable Accounts Payable Inventory Accounts Payable Cash Accounts Receivable Sales Revenue Cost of Goods Sold Inventory Accounts Payable Accounts Payable Inventory Inventory Accounts Payable Cash Accounts Receivable Sales Revenue Cost of Goods Sold Inventory General Journal ›› ›› ›› 33 33 ›› ›› ›› ›› 33 Debit 3,330 510 3,330 6,480 2,430 5,640 1,080 510 3,220 2,070 Credit 3,330 510 3,330 6,480 2,430 5,640 1,080 510 3,220 2,070 11 12 Jan 21 Jan 21 Accounts Receivable Sales Revenue Cost of Goods Sold Inventory >> 8,880 5,670 8,880 5,670 Answer is not complete. Complete this question by entering your answers in the tabs below. Required 2 Required 3 Required 4 Calculate the dollars of gross profit and the gross profit percentage from selling tags and cases. (Round your "Gross Profit Percentage" answers to 2 decimal places.) Tags Cases Gross Profit Gross Profit Percentage

Answer rating: 100% (QA)

Answer Solution Jan 19 Cost of Goods sold 2... View the full answer