(Solution) - Effect of LIFO on financial statements over several periods Har -(2025 Original AI-Free Solution)

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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.