50 JackJoe, Inc. sells toy mice to high-end toy stores. JackJoe uses a periodic inventory system and uses LIFO to value ending inventory. Following is JackJoe's inventory activity for January. The toy mice on hand at January 1 had a unit cost of $1. Units Date Purchases Sales on Hand 1- Jan 5- 150 units @ 200 Jan $2 16- Jan $100 23- 50 units @ 100 Jan $3 28- Jan $100 Prepare the inventory analysis for January and write the adjusting (a) journal entry for inventory. (10 points) How much is gross profit for January? (5 points) If JackJoe used FIFO, would gross w profit be greater, equal or less than gross profit using LIFO? Why? (5 points) 150 @ 50 50 @ 50