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Prepare journal entries to reflect the amounts

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

                                         Units              Price per unit

Sales                         535,000            $58

Beginning inventory        57,000             40

Purchases                      510,000            46

Ending Inventory               32,000           ?

Dorado expects to purchase 260,000 units of inventory in the fourth quarter of the current calendar year at a cost of $47 per unit, and to have on hand 89,000 units of inventory at year-end. Dorado uses the last-in, first-out (LIFO) method to account for inventory costs.

Problem 1: Prepare journal entries to reflect these amounts.

Reference no: EM132907589

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