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The following Information for Dorado Corporation relates to the three-month perlod ending September 30. Price per Unit $59 41 47 Units 548,888 Beginning inventory 58,80
The following Information for Dorado Corporation relates to the three-month perlod ending September 30. Price per Unit $59 41 47 Units 548,888 Beginning inventory 58,80 515,808 33,8e8 Sales Purchases Ending inventory Dorado expects to purchase 265,000 unlts of Inventory In the fourth quarter of the current calendar year at a cost of $48 per unit, and to have on hand 91,000 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
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