The following information for dorado corporation relates to the three-month period ending september 30. units price per unit sales 455,000 $ 42 beginning inventory 41,000 24 purchases 430,000 30 ending inventory 16,000 ? dorado expects to purchase 180,000 units of inventory in the fourth quarter of the current calendar year at a cost of $31 per unit, and to have on hand 57,000 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.