Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the following information for dorado corporation r

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

50.1K

Verified Solution

Question

Accounting

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

Units Price per Unit
Sales 495,000 $ 50
Beginning inventory 49,000 32
Purchases 470,000 38
Ending inventory 24,000 ?

Dorado expects to purchase 220,000 units of inventory in the fourth quarter of the current calendar year at a cost of $39 per unit, and to have on hand 73,000 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.

image

b. Prepare journal entries to reflect these amounts.

  • Record the entry for sales revenue.
  • Record the entry for cost of good sold.

\begin{tabular}{|l|l|} \hline Cost of goods sold \\ \hline Gross profit \\ \hline \end{tabular}

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Psychology
1.2K views

Compare and contrast the James–Lange and Cannon–Bard theories of emotion, and explain how Schachter reconciled these...

Psychology
1.2K views

Research; discuss and clarify what is abnormal behavior. Discuss different models of abnormal behavior. In your...

General Management
1.2K views

The textbook lists eleven types of strategies (forward integration, backward integration, horizontal integration, market penetration, market development,...

Basic Math
1.2K views

3.3) A small market orders copies of a certain magazine for its magazine rack each week....

Biology
1.2K views

Based on this scenario - When you feel your heart rate increase, you take many...

Physics
1.2K views

BOX 5 A vessel of volume 8 3 x 10 m contains an ideal gas...

Algebra
1.2K views

The population of a town has been growing, following the equation P = 600t +...

Algebra
1.2K views

points) Find the sequence generated by the following exponential generating function:f(x)=e^x- e^-2x +1-5x

Accounting
1.2K views

A corporation using the equity method of accounting for its investment in a 80%owned investee,...

Accounting
1.2K views

Matlab question Signal implementation with MATLAB Construct a DT signal given...

Finance
1.2K views

i Data Table (Click on the following icon in order to copy its contents into...

Accounting
1.2K views

(1) in layman terms explain what is machine learning? (2) may you identify...