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Required information C7-3 through C7-5 (Algo) (Supplement 7A) Recording Inventory Purchases, Allowances, Sales, and Shrinkage Using Perpetual FIFO, Weighted Average, LIFO (Chapters 6 and 7) [LO 6-2, LO 6-3, LO 6-4, LO 7-S1] [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 $21 per tag. plus 100 tags purchased in December last year at a cost of $24 per tag. TAC uses a perpetual inventory system to account for the following transactions. January 3 TAC gave 250 tags to a courier eompany (Ups) to deliver to veterinarlan customers. The sales price was $70 per tag, and the sales terns were n/30, ros shipping point. January 4 Ups confirmed that all 250 tags were delivered today to cuntomorn. January 9 TAC ordered 350 tagn from lts supplier. The eupplier was out of stock but pronised to send then to TAC as soon as ponilible. TAC agreed to a cost of $31 per tag, n/30. January 19 The 350 tags ordered on January 9 wero nhipped to and received by ThC today. TAC complained about. the delay between order and shipent date, so the supplier reduced the anount ThC owed by granting an allowanee of $1 per tag ( $350 total). January 23 ThC gave 375 tags to ups, which were delivered "nane day" to veterinarian custoners at a price of $70 per tag, n/30, ron shipping point. January 28 ThC received cash paynest from eustomern for 125 of the tags delivered January 4. Jasuary 31 TMC counted itn inventory and determined 20 tags were on hand. TAC made a "book-to-physical adjustment" to account for the misaing 5 tage. Assume Tracer Advance Corporation (TAC) uses weighted average cost 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.) Required: Assume TAC uses FIFO in its perpetual inventory system. Prepare the journal entry for each transaction. ( transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 4 5 6 7 8 9 Record the sale of tags to veterinarian customers. Note: Enter debits before credits. Journal entry worksheet Record the cost of tags sold to veternarian customers. Note: Enter debits before credits. Journal entry worksheet Record the tags delivered to customers. Note: Enter debits before credits. Journal entry worksheet Record the order for tags made by TAC from its supplier. Note: Enter debits before credits. Journal entry worksheet Record the purchase of tags after deducting the allowance given by supplier for delay between order and shipment. Note: Enter debits before credits. Journal entry worksheet Record the sale of tags to veterinarian customers. Note: Enter debits before credits. Journal entry worksheet 1 Record the cost of tags sold to veternarian customers. Note: Enter debits before credits. Journal entry worksheet Record the cash collected from customers. Note: Enter debits before credits. Journal entry worksheet Note: Enter debits before credits

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