Required information E7-10 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 Inc., (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 Fl has no inventory at the beginning of the month, and it has outsourced the production of its tags and cases. Fl uses FIFO and has entered into the following transactions: Jan. 2. TI purchased and received 380 tags from Xioasi Manufacturing (XM) at a cost of $12 per tag, n/15. Jan. 4: PI purchased and received 180 cases from Bachittar Products (BP) at a cost of $3 per case, n/20. Jan. 6: TI paid cash for the tags purchased from XM on Jan. 2. Jan. 8: I mailed 280 tags via the U.S. Postal Service (USPS) to customers at a price of $32 per tag, on account. Jan. 1. TI purchased and received 480 tags from XM at a cost of $15 per tag, n/15. Jan. 141 71 purchased and received 280 cases from BP at a cost of $4 per case, n/20. Jan. 161 PI paid cash for the cases purchased from BP on Jan. 4. Jan. 191 TL mailed 240 cases via the USPS to customers at a price of $15 per case, on account. Jan. 21. TI mailed 380 tags to customers at a price of 532 per tag. E7-10 Part 2 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 profit? 4. Which product line yields more profit per dollar of sales? E7-10 Part 2 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 profit? 4. Which product line yields more profit per dollar of sales? Complete this question by entering your answers in the tabs below. Required 2 Required 3 Required 4 Required 2 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.) Tags Cases Gross Profit Gross Profit Percentage 1 Required 3 > 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 profit? 4. Which product line yields more profit per dollar of sales? Complete this question by entering your answers in the tabs below. Required 2 Required 3 Required 4 Which product line yields more dollars of profit? Tags Cases ab E7-10 Part 2 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 profit? 4. Which product line yields more profit per dollar of sales? Complete this question by entering your answers in the tabs below. Required 2 Required 3 Required 4 / Which product line yields more profit per dollar of sales? Tags Cases