Question: Using the information given below, prepare the general journal entry to record the March 16 sale assuming a cash sale and the LIFO method is

Using the information given below, prepare the general journal entry to record the March 16 sale assuming a cash sale and the LIFO method is used:

January 1:

Purchased 100 units at $10 per unit.

February 5:

Purchased 60 units at $12 per unit.

March 16:

Sold 40 units for $16 per unit.

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