Norsk Corporation sells household appliances and uses LIFO for inventory costing. The inventory contains 10 different products, and historical LIFO layers are maintained for each of them. The LIFO layers for one of the products, Cook Right, were as follows at December 31, 2010:
2009 layer . . . . . . . . . . . . . . . . . . . . . . . 4,600 @ $75
2004 layer . . . . . . . . . . . . . . . . . . . . . . . 4,100 @ $65
2000 layer . . . . . . . . . . . . . . . . . . . . . . . 2,300 @ $58
1998 layer . . . . . . . . . . . . . . . . . . . . . . . 5,000 @ $50

Instructions:
1. What was the value of the ending inventory of Cook Right at December 31, 2010?
2. How did the December 31, 2010, quantity of Cook Right compare with the December 31, 2009, quantity?
3. What is the value of the ending inventory of Cook Right at December 31, 2011, if there are 15,600 units on hand?
4. How would net income in (3) be affected if, in addition to the quantity on hand, 950 units were in transit to Norsk Corporation at December 31, 2011? The shipment was made on December 26, 2011, terms FOB shipping point. Total invoice cost was $78,850. Ignore income taxes. Assume that all units purchased during 2011 were purchased at the same unit price as these 950 units.