The following information for Quadrado corporation relates to the three-monthe period ending September 30, 2011. Quadrado expects to purchase 150,000 units of inventory in the fourth quarter of 2011 at a cost of $15 per unit, and to have on hand 30,000 units of inventory at year-end. Quadrado uses the LIFO method to account for inventory costs. Prepare journal entries to reflect the cost of goods sold and the gross profit amounts to record for the three months ending September 30,2011. Units sales 110,000 beginning inventory 20,000 purchases 100,000 ending inventory 10,000 Price Per Unit Sales $20 beginning inventory $12 purchases $14 ending inventory 0