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Q3- A company that uses a perpetual inventory system made the following cash purchases and sales....

Q3- A company that uses a perpetual inventory system made the following cash purchases and sales. There was no beginning inventory.

January 1:

Purchased 30 units at SAR11 per unit

February 5:

Purchased 30 units at SAR 13 per unit

March 16:

Sold 50 Units for SAR 15 per unit

A. Prepare general journal entries to record the March 16 sale using the:

1. FIFO inventory valuation method.

2. LIFO inventory valuation method.

3. Weighted average valuation method.

B. What is the cost of goods sold and the gross margin for each method?

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