The following information for Quadrado Corporation relates to the three-month period ending September 30, 2013. .......................................... Units

Question:

The following information for Quadrado relates to the three-month period ending September 30, 2013.
.......................................... Units ............ Price per Unit
Sales . . . . . . . . . . . . . . . . . . . . . . . 110,000 ..................... $20
Beginning inventory . . . . . . . . . . . 20,000 ....................... 12
Purchases. . . . . . . . . . . . . . . . . . . . 100,000 ...................... 14
. . . . . . . . . . . . . . 10,000 ..................... -0-
Quadrado expects to purchase 150,000 units of inventory in the fourth quarter of 2013 at a cost of $15 per unit, and to have on hand 30,000 units of inventory at year-end. Quadrado uses the last-in, first-out (LIFO) method to account for inventory costs.
Determine the cost of goods sold and gross profit amounts to record for the three months ending September 30, 2013. Prepare journal entries to reflect these amounts?
Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...