E7-12 (Static) Using FIFO for Multiproduct Inventory Transactions (Chapters 6 and 7) [LO 6-3, LO 6-4, LO 73] [The following information applies to the questions displayed below] TrackR, Incorporated, (TI) 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. TI sells these tags, as well as watet.resistant cases for the tags. with terms FOB shipping point. Assume TI has no inventory at the beginning of the month, and it has outsourced the production of its tags and cases. TI uses FIFO and has entered into the following transactions: Jancary 2 II purchased and received 300 tags fron Xioasi Manufacturing (x0) at a cost of 39 per tag, n/15. 3 anuary A TI purchased and received 100 cases froe Bachittar Products (BP) at a cost of $2 per case, n/2e. January 6Tt paid cash for the tags purchased from x4 on lanuary 2. January 8II nafled 200 tags via the U.S. Postal Service (USPS) to custoners at a price of 330 per tag, on account. January 11TI purchased and received 400 tags fron xol at a cost of $12 per tag, n/15. January 14 iI purchased and received 200 cases froe Be at a cost of $3 per case, n/20. January 16 II paid cash for the cases purchased fron 89 on January 4 . January 19 TI eailed 160 cases via the usps to custoners at 2 price of $10 per case, an account. January 21T1 pailed 300 tags to custaners at a price of $30 per tag, on account. E7-12 (Static) Part 2 Required: 2. Caiculate the dollais 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