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Jan. 1 Apr. 1 Oct. 1 Beginning inventory Purchased Purchased 400 units 2,000 units 600 units e e $30 $35 $38 During the year, Parvin sold 2,700 units of inventory at $90 per unit and incurred $41,500 of operating expenses. Parvin currently uses the FIFO method but is considering a change to LIFO. All transactions are cash transactions. Assume a 30 percent income tax rate Parvin started the period with cash of $75,000, inventory of $12,000, common stock of $50,000, and retained earnings of $37,000, Required a. Prepare income statements using FIFO and LIFO. b. Determine the amount of income tax that Parvin would pay using each cost flow method. c. Determine the cash flow from operating activities under FIFO and LIFO. Complete this question by entering your answers in the tabs below. Required A Required B Required Prepare Income statements using FIFO and LIFO. PARVIN COMPANY Income Statements For the Year Ended December 31 FIFO Sales Cost of goods sold Gross margin Operating expenses Income before tax 0 LIFO 0 Jan. 1 Apr. 1 Oct. 1 Beginning inventory Purchased Purchased e 400 units 2,000 units 600 units $30 $35 $38 e During the year, Parvin sold 2,700 uhits of inventory at $90 per unit and incurred $41,500 of operating expenses. Parvin currently uses the FIFO method but is considering a change to LIFO. All transactions are cash transactions. Assume a 30 percent income tax rate. Parvin started the period with cash of $75,000, inventory of $12,000, common stock of $50,000, and retained earnings of $37,000 Required a. Prepare income statements using FIFO and LIFO. b. Determine the amount of income tax that Parvin would pay using each cost flow method. c. Determine the cash flow from operating activities under FIFO and LIFO. Complete this question by entering your answers in the tabs below. Required A Required B Required Determine the cash flow from operating activities under FIFO and LIFO. FIFO Net cash flow from operating activities LIFO