Required information E7-12 (Algo) Using FIFO for Multiproduct Inventory Transactions (Chapters 6 and 7) [LO 6-3, LO 6-4, LO 7. 3) [The following information applies to the questions displayed below] FindMe Incorporated, (Fi) has developed a coin-sized tracking tag that attaches to key rings, wallets, and other items and can be prompted to emit a signal using a smartphone app. Fl sells these tags, as well as water-resistant cases for the tags. with terms FOB shipping point. Assume Fi has no inventory at the beginning of the month, and it has outsourced the production of its tags and cases. FI uses FIFO and has entered into the following transactions: January 2 FI purchased and received 250 tags from Xioasi Manufacturing (X94) at a cost of \$11 per tog, n/15. Jamuary 4FI purchased and received 50 cases from Bachittar Products (BP) at a cost of $4 per case, 0/20. January 8 FX mailed 150 tags vio the U.S. Postal Service (USpS) to custoens at a price of $34 per tag, on account. January 11H purchased and received 350 tags froe M at a cost of $14 per tag, n/15. January 14FI purchased and received 150 cases from tep at a cost of $5 per case, n/20. January 16FI paid cash for the cases purchased from 0P on January 4. January 21 il malled 250 tegs to customers at a price of $34 per tag, on account. E7.12 (Algo) Part 1 Required: 1. Prepare journal entries for each of the above dates, assuming Fl uses a perpetual inventory system. (If no entry is required for a transoction/event, select "No Journal Entry Required" in the first occount field.) 2. Calculate the dollars of gross profit and the gross profit percentage from selling tags and cases. 3. Which product line ylelds more dollars of gross profit? 4. Which product line ylelds more gross profit per dollar of sales? Complete this question by entering your answers in the tabs below. Calculate the dollars of gross profit and the gross profit percentage from selling tags and cases. (Round your "Gross Profit Percentage" answers to 2 decimal places.) 2. Calculate the dollars of gross profit and the gross profit percentage from selling tags and cases. 3. Which product line yields more dollars of gross profit? 4. Which product line ylelds more gross profit per dollar of sales? Complete this question by entering your answers in the tabs below. Which product line yields more dollars of gross profit