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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

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. Select a variable (X) for the January 28th sale, a number between 10 and 75.
Date Purchases Sales Units on Hand
1-Jan 50
5-Jan 150 units @ $2 each 200
16-Jan 150 units @ $100 each 50
23-Jan 50 units @ $3 each 100
28-Jan X units @ $100 each ?
(a) Prepare the inventory analysis for January and write the adjusting journal entry for inventory. and 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?

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