Assume that our records include the following two LIFO inventory cost pools:

	Units	Cost/Unit
BOQ	2,100	$ 80
Purchase #1	2,500	$100
Total	4,600

At the beginning of the quarter (BOQ), we report 2,100 units on hand at a cost of $80 per unit. During the quarter, we sell 3,000 units at $210/unit for cash.

Assume that we expect to increase our quantities of inventories on hand by year-end by the purchase of inventories at a cost of $110.

Required:

Compute the gross profit we should recognize on the sales during the quarter.

Prepare the required journal entries to record the sales.

What adjusting entry will be required at year-end if the planned replacement of the inventories does not occur?