A company that uses a perpetual inventory system made the following cash purchases and sales:
Jan 1: Purchased 100 units at $10 per unit
Feb 5: Purchased 60 units at $12 per unit.
March 16: Sold 40 Units for $16 per unit
Prepare general Journal entries to record the March 16 sale assuming a FIFO method is used.
Answer I got, Is it the right answer??
Cash debit 640
Sales Credit 640
Sales debit 400
To Cost of goods sold Credit 400
