A company that uses a perpetual inventory system made the following cash purchases and sales: 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. 1. Prepare general journal entries to record the March 16 sale assuming a cash sale and the FIFO method is used. 2. Prepare the general journal entry to record the March 16 sale assuming a cash sale and the LIFO method is used