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The following information for Dorado Corporation relates to the three-month period ending September 30. Price per Unit 52 34 40 Units Sales Beginning inventory Purchases
The following information for Dorado Corporation relates to the three-month period ending September 30. Price per Unit 52 34 40 Units Sales Beginning inventory Purchases Ending inventory 505,000 51,000 480,000 26,0e0 Dorado expects to purchase 230,000 units of inventory in the fourth quarter of the current calendar year at a cost of $41 per unit, and to have on hand 77,000 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 Required B Determine the cost of goods sold and gross profit amounts Dorado should record for the three months ending September 30 Cost of goods sold Gross proft Required A Required B >
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