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:
Transferability of Ownership
The legal capability to transfer ownership rights of an asset or property from one entity to another.
Shareholder
An individual or entity that owns one or more shares in a company's stock, giving them partial ownership and possibly voting rights within the company.
Shares
Units of ownership interest in a corporation or financial asset, giving holders a proportion of the company's profits and a vote in company matters.
Limited Liability
A legal structure that restricts the financial responsibility of an entity's owners to their investment, protecting personal assets from business debts.
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