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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. 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) (b) If JackJoe used FIFO, would gross profit be greater, equal or less than gross profit using LIFO? Why? (5 points) What is inventory? What increases the balance of the account and what (c) decreases it? What would be presented on the balance sheet if JackJoe Inc. estimated the market value of the mice at the end of January to be 0 ? (all three questions, 5 points)