Parts A, B and C please

Problem: Module 2 Textbook Problem 11 Learning Objective: 2-7 Show how different inventory cost flow methods (specific identification, FIFO, LIFO, and weighted average) affect financial statements The following information pertains to the inventory of Parvin Company: Jan. 1 Apr. 1 Oct. 1 Beginning inventory Purchased Purchased 300 units 2,600 units 1,000 units @ $19 $24 $25 During the year, Parvin sold 3,315 units of inventory at $40 per unit and incurred $15,700 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 $209,800, Inventory of $5,700, common stock of $192,000, and retained earnings of $23,500, 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 Required Prepare income statements using FIFO and LIFO. (Round intermediate calculations and final answers to the nearest whole dollar amount.) PARVIN COMPANY Income Statements For the Year Ended December 31 FIFO LIFO a. riepare Lume blateme s umy UCHULT U. b. Determine the amount of income tax that Parvin would pay using c. Determine the cash flow from operating activities under FIFO and Complete this question by entering your answers in the tabs b Required A Required B Required C Prepare income statements using FIFO and LIFO. (Round intermediate dollar amount.) PARVIN COMPANY Income Statements For the Year Ended December 31 FIFO LIFO Sales Cost of goods sold Gross marg Operating expenses Income before tax income tax expense Net income 0 0 Required A Re the FIFO method bqt is considering a change to LIFO. All tran: Parvin started the period with cash of $209,800, inventory of Required a. Prepare income statements using FIFO and LIFO. b. Determine the amount of income tax that Parvin would pay c. Determine the cash flow from operating activities under FIF Complete this question by entering your answers in the Required A Required B Required C Determine the amount of income tax that Parvin would pay usin FIFO LIFO Income tax