Tanner Company imports and sells a product produced in Canada. In the summer of Year $3,$ a natural disaster disrupted production, affecting its supply of product Tanner Company uses the UFO inventory method. On January $1,$ Year $3,$ Tanner Company's inventory records were as follows:

$\backslash$table$[[$Year purchased,Quantity $($units$),$Cost per unit,Total cost$],[$Year $1,2,000,$$$120,$$$240,000$