A) using FiFo method prepare the journal entry to record the sale transaction May 16 assuming the amount was paid cash. Round numbers to 0 decimals Enter the reception of Cash first.

b) using Fifo method prepare the journal emtry to record all the purchases done during the year assuming that all transactions were put on account. round numbers to 0 decimals.

Nector Ltd., which uses a perpetual inventory system, recorded the following inventory transactions for this year: Purchases. Sales Units Unit Cost Units Selling Price/Unit Apr 1 Purchase 35 $ 8 25 Purchase 150 9 May 4 Purchase 65 10 16 Sale 90 $15 Jun 4 Purchase 50 12