Find Me 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. Fl sells these tags, as well as water-resistant cases for the tags, with terms FOB shipping point. Assume Fl 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: January 2 FI purchased and received 340 tags from Xioasi Manufacturing (XM) at a cost of $10 per tag, n/15. January 4 FI purchased and received 140 cases from Bachittar Products (BP) at a cost of $4 per case, n/20. January 6 FI paid cash for the tags purchased from XM on January 2. January 8 FI mailed 240 tags via the U.S. Postal Service (USPS) to customers at a price of $30 per tag, on account. January 11 FI purchased and received 440 tags from XM at a cost of $13 per tag, n/15. January 14 FI purchased and received 240 cases from BP at a cost of $5 per case, n/20. January 16 FI paid cash for the cases purchased from BP on January 4. January 19 FI mailed 200 cases via the USPS to customers at a price of $11 per case, on account. January 21 FI mailed 340 tags to customers at a price of $30 per tag, on account. E7-12 (Algo) Part 1 Required: 1 Prepare journal entries for each of the above dates, assuming Fl uses a perpetual inventory system. (If no entry is required for a
Find Me 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. Fl sells these tags, as well as water-resistant cases for the tags, with terms FOB shipping point. Assume Fl 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: January 2 FI purchased and received 340 tags from Xioasi Manufacturing (XM) at a cost of $10 per tag, n/15. January 4 FI purchased and received 140 cases from Bachittar Products (BP) at a cost of $4 per case, n/20. January 6 FI paid cash for the tags purchased from XM on January 2. January 8 FI mailed 240 tags via the U.S. Postal Service (USPS) to customers at a price of $30 per tag, on account. January 11 FI purchased and received 440 tags from XM at a cost of $13 per tag, n/15. January 14 FI purchased and received 240 cases from BP at a cost of $5 per case, n/20. January 16 FI paid cash for the cases purchased from BP on January 4. January 19 FI mailed 200 cases via the USPS to customers at a price of $11 per case, on account. January 21 FI mailed 340 tags to customers at a price of $30 per tag, on account. E7-12 (Algo) Part 1 Required: 1 Prepare journal entries for each of the above dates, assuming Fl uses a perpetual inventory system. (If no entry is required for a
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Find Me 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. 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:
January 2 FI purchased and received 340 tags from Xioasi Manufacturing (XM) at a cost of $10 per tag, n/15.
January 4 FI purchased and received 140 cases from Bachittar Products (BP) at a cost of $4 per case, n/20.
January 6 FI paid cash for the tags purchased from XM on January 2.
January 8 FI mailed 240 tags via the U.S. Postal Service (USPS) to customers at a price of $30 per tag, on
tags fr
account.
January 11 FI purchased and received 440 tags from XM at a cost of $13 per tag, n/15.
January 14 FI purchased and received 240 cases from BP at a cost of $5 per case, n/20.
January 16 FI paid cash for the cases purchased from BP on January 4.
January 19 FI mailed 200 cases via the USPS to customers at a price of $11 per case, on account.
January 21 FI mailed 340 tags to customers at a price of $30 per tag, on account.
E7-12 (Algo) Part 1
Required:
1. Prepare journal entries for each of the above dates, assuming Fl uses a perpetual inventory system. (If no entry is required for a
transaction/event, select "No Journal Entry Required" in the first account field.)
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