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

		Units		Price per Unit
Sales		515,000		$	54
Beginning inventory		53,000			36
Purchases		490,000			42
Ending inventory		28,000			?

Dorado expects to purchase 240,000 units of inventory in the fourth quarter of the current calendar year at a cost of $43 per unit, and to have on hand 81,000 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.