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: 
Definitions:
Markup Percent
The percentage increase on the cost price of goods to determine the selling price, representing the profit margin.
Cost
The amount of money required to purchase, produce, or maintain something, often considered in business and financial contexts.
Markup Percent
The percentage increase on the cost price of goods to arrive at the selling price.
Selling Price
The amount of money for which a product or service is sold to customers.
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