The following information for Dorado Corporation relates to the three$-$month period ending September $30.$

Dorado expects to purchase $160,000$ units of inventory in the fourth quarter of the current calendar year at a cost of $$27$ per unit, and

to have on hand $49,000$ units of inventory at year$-$end. Dorado uses the last$-$in$,$ first$-$out $($LIFO$)$ method to account for inventory costs.

a$.$ Determine the cost of goods sold and gross profit amounts Dorado should record for the three months ending September $30.$

b$.$ Prepare journal entries to reflect these amounts.

Complete this question by entering your answers in the tabs below.

Required $A$

Determine the cost of goods sold and gross profit amounts Dorado should record for the three months ending September $30.$