The following information for Quadrado Corporation relates to the three-month period ending September 30, 2015.

	Units	Price per Unit
Sales	210,000	$	40
Beginning inventory	40,000		32
Purchases	200,000		34
Ending inventory	30,000		?

Quadrado expects to purchase 250,000 units of inventory in the fourth quarter of 2015 at a cost of $35 per unit, and to have on hand 70,000 units of inventory at year-end. Quadrado uses the last-in, first-out (LIFO) method to account for inventory costs.

a.	Determine the cost of goods sold and gross profit amounts to record for the three months ending September 30, 2015. Cost of goods sold? Gross profit?
b.	Prepare journal entries to reflect above two amounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)