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Question - The following information for Dorado Corporation relates to the three-month period ending September 30.
Units Price per Unit
Sales 520,000 $55
Beginning inventory 54,000 37
Purchases 495,000 43
Ending inventory 29,000 ?
Dorado expects to purchase 245,000 units of inventory in the fourth quarter of the current calendar year at a cost of $44 per unit, and to have on hand 83,000 units of inventory at year-end. Dorado uses the last-in, first-out (LIFO) method to account for inventory costs.
1. Determine the cost of goods sold and gross profit amounts Dorado should record for the three months ending September 30.
2. Prepare journal entries to reflect these amounts.
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