Need Help solving this problem from"Advanced Accounting Twelfth Edition Joe B. Hoyle" Ch.8Segment and

Interim Reporting.

1 1 4. 41. The following information for Quadrado Corporation relates to the threemonth period end- ing September 30, 2015. Units Price per Unit Sales .................... 1 10, 000 $20 Beginning inventory ......... 20,000 12 Purchases ................. 1 00,000 14 Ending inventory ........... 10,000 ? Quadrado expects to purchase 150,000 units of inventory in the fourth quarter of 2015 at a cost of $15 per unit, and to have on hand 30,000 units of inventory at year-end. Quadrado uses the lastin, rst-out (LIFO) method to account for inventory costs. Determine the cost of goods sold and gross prot amounts to record for the three months ending September 30, 2015. Prepare journal entries to reflect these amounts