A company that uses a perpetual inventory system made the following cash purchases and sales: January...

 

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A company that uses a perpetual inventory system made the following cash purchases and sales: January 1: February 5: March 16: Purchased 100 units at $10 per unit. Purchased 60 units at $12 per unit. Sold 40 units for $16 per unit. 1. Prepare general journal entries to rcord 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. A company that uses a perpetual inventory system made the following cash purchases and sales: January 1: February 5: March 16: Purchased 100 units at $10 per unit. Purchased 60 units at $12 per unit. Sold 40 units for $16 per unit. 1. Prepare general journal entries to rcord 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.