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A company that uses perpetual inventory system made the

Question - 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.

Required - Prepare general journal entries to reord the March 16 sales assuming a FIFO method is used.

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Accounting Basics: A company that uses perpetual inventory system made the

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