# accounting

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A company that uses 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.
Prepare general journal entries to reord the March 16 sales assuming a FIFO method is used

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