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 SAR10 per unit
February 5:
Purchased 60 units at SAR 12 per unit
March 16:
Sold 40 Units for SAR 16 per unit

Prepare general journal entries to record the March 16 sale using the
o    FIFO inventory valuation method.
o   LIFO inventory valuation method.

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