Inventory JackJoe, Inc. sells toy mice to high-end toy stores. JackJoe's accounting policy for inventory is periodic LIFO inventory. Following is JackJoe's inventory activity for January. The toy mice on hand at January 1 had a unit cost of $1. Date Purchases Sales Units on Hand 1-Jan 50 5-Jan 150 units @ $X each 200 16-Jan 120 units @ $100 each 80 23-Jan 50 units @ $4 each 130 27-Jan 70 units @ $100 each 60