January 1: Purchased 100 unit at $10 per unit.
February 5: Purchased 60 units at $12 per unit.
March 16: Sold 40 units for $16 per unit.
1.Prepare general journal entries to record the March 16 sale assuming a cash sale and the FIFO method is used.
2.Prepare the general journal entry to record the March 16 sale assuming a cash sale and the LIFO method is used.
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