Minnows Corporation began operations in 2014. At the beginning of the year, the company purchased…

Minnows Corporation began operations in 2014. At the beginning of the year, the company purchased plant assets of $1,800,000, with an estimated useful life of 10 years and no residual value. During the year, the company had net sales of $2,600,000, salaries expense of $400,000, and other expenses of $160,000, excluding depreciation. In addition, Minnows purchased inventory as follows.

Jan. 15 800 units at $400 $ 320,000

Mar. 20 400 units at $408 163,200

June 15 1,600 units at $416 665,600

Sept. 18 1,200 units at $412 494,400

Dec. 9 600 units at $420 252,000

Total 4,600 units $1,895,200

At the end of the year, a physical inventory disclosed 1,000 units still on hand. Minnows’s managers know they have a choice of accounting methods, but they are unsure how those methods will affect net income. They have heard of the FIFO and LIFO inventory methods and the straight-line and double-declining-balance depreciation methods.


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