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. Select a variable (X) for the January 28th sale, a number between 20 and 55. Units on Date Purchases Sales Hand 1-Jan 50 5-Jan 150 units @ $2 each 200 120 units @ $100 16-Jan 50 each 23-Jan 50 units @ $3 each 100 28-Jan X units @ $100 each ? Prepare the inventory analysis for January and write the adjusting journal (a) entry for inventory. (5 points) How much is gross profit for January? (5 points) If JackJoe used FIFO, would gross profit be greater, equal or less than (b) gross profit using LIFO? Why? (5 points) What is inventory? What increases the balance of the account and what decreases it? Would the adjusting entry in (a) above change if JackJoe Inc. (c) estimated the market value of the mice at the end of January to be 0? (all three questions, 5 points)