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 Chint:calculate the cost of goods sold): January 1: Purchased 100 units at S10 per unit. February 5: Purchased 60 units at $12 per unit March 16: Sold 40 units for S16 per unit

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