Using the information given below, prepare general journal entries to record the March 16 sale assuming a cash sale and the FIFO method is used.
Definitions:
Negative Externalities
These are costs that are suffered by a third party as a result of an economic transaction, which are not reflected in the market price.
Positive Externalities
Benefits that are enjoyed by a third-party or the society at large as a result of an economic transaction.
Optimal Output
The level of production at which a firm or economy can produce goods at the lowest average cost, maximizing efficiency.
Government
The system or group of people governing an organized community, often a state, and the mechanisms and institutions through which they rule.
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