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A Company That Uses a Perpetual Inventory System Made the Following

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Essay

A company that uses a perpetual inventory system made the following cash purchases and sales. There was no beginning inventory.
 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 \begin{array}{|l|l|}\hline \text { January 1: } & \text { Purchased } 100 \text { units at } \$ 10 \text { per unit } \\\hline \text { February 5: } & \text { Purchased } 60 \text { units at } \$ 12 \text { per unit } \\\hline \text { March 16: } & \text { Sold } 40 \text { Units for } \$ 16 \text { per unit } \\\hline\end{array} Prepare the general journal entries to record the March 16 sale using the LIFO inventory valuation method.


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