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 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: January 2 FI purchased and received 220 tage from Xioasi Manufacturing (XM) at a cost of $10 per tag, n/15. January 4 FI purchased and received 30 cases from Bachittar Products (BP) at a cost of $2 per caso, n/20. January 6 TI paid cash for the tags purchased from XM on January 2. January 8 pi mailed 120 tage via the U.S. Postal Service (USPS) to customers at a price of $30 por tag, on January 11 FT purchased and received 320 tags from XM at a cost of $13 per tag, n/15. January 14 PI purchased and received 120 cases from BP at a cost of $3 per case, n/20. January 16 PI paid cash for the cases purchased from BP on January 4. January 19 PI mailed 80 cases via the USPS to customers at a price of $12 per case, on account. January 21 PI mailed 220 tags to customers at a price of $30 per tag, on account. account. E7-12 (Algo) 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 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. Required 2 Required 3 Required 4 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 Complete this question by entering your answers in the t Required 2 Required 3 Required 4 Which product line yields more dollars of gross profit? Tags Cases