The following information for Quadrado Corporation relates to the three-month period ending September 30, 2015.     Units Price per Unit   Sales 185,000    $ 35       Beginning inventory 35,000     27       Purchases 175,000     29       Ending inventory 25,000     ?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The following information for Quadrado Corporation relates to the three-month period ending September 30, 2015.

 

  Units Price
per Unit
  Sales 185,000    $ 35    
  Beginning inventory 35,000     27    
  Purchases 175,000     29    
  Ending inventory 25,000     ?    
 

 

      Quadrado expects to purchase 225,000 units of inventory in the fourth quarter of 2015 at a cost of $30 per unit, and to have on hand 60,000 units of inventory at year-end. Quadrado uses the last-in, first-out (LIFO) method to account for inventory costs.

 

a.

Determine the cost of goods sold and gross profit amounts to record for the three months ending September 30, 2015.

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