Required information [The following information applies to the questions displayed below.] FindMe 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 320 tags from Xioasi Manufacturing (XM) at a cost of $11 per tag, n/15. January 4 FI purchased and received 120 cases from Blachittar 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 220 tags via the U.S. Postal Service (USPS) to customers at a price of $36 per tag, on account. January 11 FI purchased and received 420 tags from X at a cost of $14 per tag, n/15. January 14 FI purchased and received 220 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 180 cases via the USPS to customers at a price of $15 per case, on account. January 21 FI mailed 320 tags to customers at a price of $36 per tag, on account. 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.)
Required information [The following information applies to the questions displayed below.] FindMe 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 320 tags from Xioasi Manufacturing (XM) at a cost of $11 per tag, n/15. January 4 FI purchased and received 120 cases from Blachittar 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 220 tags via the U.S. Postal Service (USPS) to customers at a price of $36 per tag, on account. January 11 FI purchased and received 420 tags from X at a cost of $14 per tag, n/15. January 14 FI purchased and received 220 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 180 cases via the USPS to customers at a price of $15 per case, on account. January 21 FI mailed 320 tags to customers at a price of $36 per tag, on account. 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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:### Educational Website Content: Journal Entries for Inventory Transactions
#### Required Information
**Note: The following information applies to the questions displayed below.**
FindMe 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. FI sells these tags, as well as water-resistant cases for the tags, and the terms are 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. FI uses FIFO (First-In, First-Out) inventory method and has entered into the following transactions:
1. **January 2**
- FI purchased and received 320 tags from Xiosai Manufacturing (XM) at a cost of $11 per tag, terms n/15.
2. **January 4**
- FI purchased and received 120 cases from Baechlam Products (BP) at a cost of $4 per case, terms n/20.
3. **January 6**
- FI paid XM for the tags purchased on January 2.
4. **January 11**
- FI mailed 240 tags via the U.S. Postal Service (USPS) to customers at a price of $36 per tag, on account.
5. **January 12**
- FI purchased and received 420 tags from XM at a cost of $14 per tag, n/15.
6. **January 14**
- FI received a payment from customers for tags sold on January 11, totaling $5,280.
7. **January 15**
- FI mailed 280 cases via the USPS to customers at a price of $15 per case, on account.
8. **January 17**
- FI paid XM for the tags purchased on January 12.
9. **January 24**
- FI mailed 320 tags to customers at a price of $36 per tag, on account.
#### Required:
1. **Prepare journal entries for each of the above dates, assuming FI uses a perpetual inventory system.**
*(If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)*
---
**Explanation of Graphs/Diagrams:**
The text provided includes a table listing the dates and descriptions of transactions related to inventory purchases,
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