Effect of LIFO on financial statements over several periods. Harmon Corporation commenced operations on January 1, 2008. It uses a LIFO cost-flow assumption. Its purchases and sales for the first three years of operations appears next:

(a) Compute the amount of ending inventory for each of the three years.
(b) Compute the amount of income for each of the threeyears.

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Purchases Sales Unit Price Units Unit Cost Units $20.00 $25.00 $32.00 2008 83,000 92,000 64,000 101,000 2009 $40.00 $30.00 110,000 $48.00 2010. 120,000