c. Determine the cash flow from operating activities under FIFO and LIFO. Note: Round intermediate calculations and final answers to the nearest whole dollar amount. Cash outflows should be indicated with minus sign. During Year 3, Parvin sold 3,740 units of inventory at $44 per unit and incurred $15,100 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 $60,500, inventory of $9,500, common stock of $47,000, and retained earnings of $23,000. Required a. Prepare income statements using FIFO and LIFO. Note: Round intermediate calculations and final answers to the nearest whole dollar amount