FindMe Incorporated, (FI) has developed a coin-sized tracking tag that attaches to key rings, wallets, and other items a

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FindMe Incorporated, (FI) has developed a coin-sized trackingtag that attaches to key rings, wallets, and other items and can beprompted to emit a signal using a smartphone app. FI sells thesetags, as well as water-resistant cases for the tags, with terms FOBshipping point. Assume FI has no inventory at the beginning of themonth, 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 200 tags from XioasiManufacturing (XM) at a cost of $11 per tag, n/15.
January 4 FI purchased and received 10 cases from BachittarProducts (BP) at a cost of $3 per case, n/20.
January 6 FI paid cash for the tags purchased from XM on January2.
January 8 FI mailed 100 tags via the U.S. Postal Service (USPS)to customers at a price of $34 per tag, on account.
January 11 FI purchased and received 300 tags from XM at a costof $14 per tag, n/15.
January 14 FI purchased and received 100 cases from BP at a costof $4 per case, n/20.
January 16 FI paid cash for the cases purchased from BP onJanuary 4.
January 19 FI mailed 60 cases via the USPS to customers at aprice of $13 per case, on account.
January 21 FI mailed 200 tags to customers at a price of $34 pertag, on account.
1. Calculate the dollars of gross profit and the gross profitpercentage from selling tags and cases.