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:
Substantial
Of considerable importance, size, or worth; significantly large or of a degree that merits attention.
Nonbreaching Party
The party in a contractual agreement that has not failed to fulfill their obligations as set forth in the contract.
Absolute Duty
A legal obligation that is unconditional and requires performance under any circumstances, without exceptions.
Novation
The substitution, by agreement, of a new contract for an old one, with the rights under the old one being terminated. Typically, there is a substitution of a new party who is responsible for the contract and the removal of an original party’s rights and duties under the contract.
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