(a)	1. Prepare the inventory analysis for January and 2. write the adjusting journal entry for inventory. 3. How much is gross profit for January?
(b)	If JackJoe used FIFO, would gross profit be greater, equal or less than gross profit using LIFO? Why?
(c)	1. What is inventory for a retail organization? 2. What increases the balance of the account and what decreases it? 3. What would be presented on the balance sheet if JackJoe Inc. estimated the market value of the mice at the end of January to be 0?

use periodic method to record each period and use x=3.7

Inventory JackJoe, Inc. sells toy mice to high-end toy stores. JackJoe's accounting policy for inventory is periodic LIFO inventory. Eollowing is JackJoe's inventory activity for January. The toy mice on hand at January 1 had a unit cost of $1