Compute the value of ending inventory under FIFO and LIFO for 500 units as an ending inventory.

P1. Matka Corporation began operations in 2011. At the beginning of the year, the company purchased plant assets of $450,000, with an estimated useful life of 10 years and no residual value. During the year, the company had net sales of $650,000, salaries expense of $100,000, and other expenses of $40,000, exclud- ing depreciation. In addition, Matka Corporation purchased inventory as follows: Jan. 15 200 units at $400 $ 80,000 Mar. 20 100 units at $408 June 15 166,400 300 units at $412 Dec. 9 63.000 $473.800 Sept. 18 At the end of the year, a physical inventory disclosed 250 units still on hand. The managers of Marka Corporation 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- dedining-balance depreciation methods