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 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

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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:

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.

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