4 1 of 3 S Book Hint Print erences Required information [The following information applies to the questions displayed below.] The following information pertains to the inventory of Parvin Company for Year 3: Beginning inventory 400 units @ $17 Purchased 2,500 units @ $22 Purchased 900 units @ $23 January 1 April 1 October 1 During Year 3, Parvin sold 3,230 units of inventory at $42 per unit and incurred $17,100 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 $209,200, inventory of $6,800, common stock of $192,000, and retained earnings of $24,000. Required a. Prepare income statements using FIFO and LIFO. Note: Round intermediate calculations and final answers to the nearest whole dollar amount. PARVIN COMPANY Income Statements For the Year Ended December 31, Year 3 FIFO LIFO Check my

Required information [The following information applies to the questions displayed below] The following information pertains to the inventory of Parvin Company for Year 3 : January1Beginninginventory400unatso$17ApriliPurchasod2,500units1522October.1Parchased900unitsa$23 During Year 3 , Parvin sold 3,230 units of inventory ot $42 per unit and incurred $17,100 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 cosh of $209,200, Inventory of $6,800, common stock of $192,000, and retained earnings of $24,000. Required a. Prepare income statements using FIFO and LFO. Note: Round intermediate calculations and final answers to the nearest whole dollar amount. Required information [The following information applies to the questions displayed below] The following information pertains to the inventory of Parvin Company for Year 3 : During Yeat 3, Parvin sold 3,230 units of inventory at \$12 per unit and incurred $17,100 of operating expenses. Parvin currently uses the FIFO method but is considering o change to LiFO. All transactions are cash transactions. Assume a 30 percent income tax rate. Parvin started the period with cash of $209,200, inventory of $6,800, common stock of $192.000, and retained earnings of $24,000, Determine the cash flow from operating activities under Firo and LIFO. Note: Round intermediate calculations and final answers to the nearest whole dollar amount. Cash outflows should be indicated with minus sign