The following information for Dorado Corporation relates to the three-month period ending September 30. UnitsPrice per UnitSales475,000$46Beginning
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Question:
The following information for Dorado Corporation relates to the three-month period ending September 30.
UnitsPrice per UnitSales475,000$46Beginning inventory45,00028Purchases450,00034Ending inventory20,000?
Dorado expects to purchase 200,000 units of inventory in the fourth quarter of the current calendar year at a cost of $35 per unit, and to have on hand 65,000 units of inventory at year-end. Dorado uses the last-in, first-out (LIFO) method to account for inventory costs.
- Determine the cost of goods sold and gross profit amounts Dorado should record for the three months ending September 30.
- Prepare journal entries to reflect these amounts.
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