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Required information Exercise 5-6A (Algo) Income tax effect of shifting from FIFO to LIFO LO 5-1 [The following information applies to the questions displayed below.) The following information pertains to the inventory of Parvin Company during Year 2. Beginning Inventory Purchased Purchased. January 1 April 1 October 1 During Year 2, Parvin sold 3,400 units of inventory at $90 per unit and incurred $49,500 of operating expenses. Parvin currently uses the FIFO method but is considering a change to LIFO. All transactions are cash transactions. Assume a 40 percent income tax rate. Parvin started the period with cash of $91,000, inventory of $16,000, common stock of $66,000, and retained earnings of $41,000. Exercise 5-6A (Algo) Part b b. Prepare income statements using FIFO and LIFO. Complete this question by entering your answers in the tabs below. FIFO Prepare income statements using FIFO. PARVIN COMPANY Income Statements For the Year Ended December 31, Year 2 Cost of goods sold: LIFO Cost of goods sold 400 units $40 2,650 units @ $45 600 units $48 Required information Exercise 5-6A (Algo) Income tax effect of shifting from FIFO to LIFO LO 5-1 [The following information applies to the questions displayed below.) The following information pertains to the inventory of Parvin Company during Year 2. January 1 Beginning Inventory April 1 Purchased 400 units 8 $40 *** 2.650 units 2,650 units 8 $45 600 units P $48 October 1 Purchased During Year 2, Parvin sold 3,400 units of inventory at $90 per unit and incurred $49,500 of operating expenses. Parvin currently uses the FIFO method but is considering a change to LIFO. All transactions are cash transactions. Assume a 40 percent income tax rate. Parvin started the period with cash of $91,000, inventory of $16,000, common stock of $66,000, and retained earnings of $41,000. Exercise 5-6A (Algo) Part b b. Prepare Income statements using FIFO and LIFO. Complete this question by entering your answers in the tabs below. FIFO LIFO Prepare income statements using LIFO. PARVIN COMPANY Income Statements For the Year Ended December 31, Year 2 Cost of goods sold: Cost of goods sold