A company that uses a perpetual inventory system made the following cash purchases and sales. There was no beginning inventory.

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

Prepare general journal entries to record the March 16 sale using the FIFO inventory valuation method.

3. Following are seven items a through g that would cause Xavier Company's book balance of cash to differ from its bank statement balance of cash. a. A service charge imposed by the bank. b. A check listed as outstanding on the previous period's reconciliation and still outstanding at the end of this month. c. A customer's check returned by the bank is marked "Not Sufficient Funds. (NSF)" d. A deposit that was mailed to the bank on the last day of the current month and is unrecorded on this month's bank statement. e. A check paid by the bank at its correct $190 amount was recorded in error in the company's Check Register at $109. f. An unrecorded credit memorandum indicated that bank had collected a note receivable for Xavier Company and deposited the proceeds in the company's account. g. A check was written in the current period that is not yet paid or returned by the bank. Indicate where each item a through g would appear on Xavier Company's bank reconciliation by placing its identifying letter in the parentheses in the proper section of the form below.

Bank statement cash balance			Book balance of cash
Add:	( )		Add:	( )
	( )			( )
	( )			( )
	( )			( )
Deduct:	( )		Deduct:	( )
	( )			( )
	( )			( )
	( )			( )
Reconciled balance			Reconciled balance