A Company That Uses a Perpetual Inventory System Made the Following

Essay

A company that uses a perpetual inventory system made the following cash purchases and sales.There was no beginning inventory.
$\begin{array}{|l|l|}\hline \text { January } 1: & \text { Purchased } 100 \text { units at } \$ 10 \text { per unit } \\\hline \text { February 5: } & \text { Purchased } 60 \text { units at } \$ 12 \text { per unit } \\\hline \text { March 16: } & \text { Sold } 40 \text { units for } \$ 16 \text { per unit }\\\hline\end{array}$

Prepare the general journal entry to record the March 16 sale,assuming the weighted-average method is used.