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 SAR10 per unit

February 5:

Purchased 60 units at SAR 12 per unit

March 16:

Sold 40 Units for SAR 16 per unit

Prepare general journal entries to record the March 16 sale using the

oFIFO inventory valuation method.

oLIFO inventory valuation method.