office supplies Inc. had 200 calculators on hand on January 1, 2016, 1. costing $18 each. January 12th, office supplies Inc. sold 150 calculators On for $28 January 15th, office supplies Inc. bought 100 calculators each. On for $20 each. on January 27, office supplies Inc. bought another 100 calculators at s22 each. Lastly, on January 30th, office supplies Inc. sold 10o calculators. Office supplies Inc. uses the FIFC method. REQUIREMENT: coMPUTE THE GROss PROFIT FOR THE MONTH oF JANUARY FOR OFFICE SUPPLIES INC. BONUS POINT: wHAT IS THE coST oF INVENTORY ON HAND ON JANUARY 31, AssUMING THE PERIODICINVENTORY sYSTEM USING THE AVERAGE coST METHOD? 2. Identify the effects on both the balance sheet and the income statement of a company using the LIFo inventory method instead of the FIFo method over a substantial time period when prices of the inventory items are continually rising. MORE ON BACK