Thom Jones (SSN 227-31-7253) is an unincorporated manufacturer of widgets. He uses the LCM method to value his inventory and reports the following for 2010: Sales (less returns and allowances) $1,250,000 Cost of goods sold 500,000 Office Expenses 10,000 Depreciation ? Legal Expenses 4,000 Salary Expenses 36,000 Travel Expenses 30,000 Repair Expenses 20,000 Information related to Mr. Joness depreciation: Cost of office furniture acquired and placed in service on April 15, 2010(7 year recovery). Thom elected to expense the maximum amount possible under Sec. 179 and the bonus depreciation provision. $480,000 Cost of other property acquired and placed in service on August 1, 2010: 5-year recovery property (computers-not listed property) $6,000 7-year recovery property (equipment) 54,000 Depreciation on assets purchased prior to 2010: 28,000 Complete Thoms 2010 Form 4562 and Schedule C of Form 1040