Q3 A company that uses a perpetual inventory system made the following cash purchases and sales. There was no beginning inventory (2 Marks).

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

• FIFO inventory valuation method.
• LIFO inventory valuation method.