Check my work 07 Part 2 of 3 Required information The following information applies to the questions displayed below! The following information pertains to the inventory of Parvin Company for Year 3: 1.25 points Jan. 1 Apr. 1 Oct. 1 Beginning inventory Purchased Purchased Swipped 400 units @ $15 2,500 units @ $23 1,100 units $24 w H During Year 3. Parvin sold 3.655 units of inventory at $45 per unit and incurred $18,100 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 $155,300 Inventory of $7.200, common stock of $138.000, and retained earnings of $24,500 Pint Heterences b. Determine the amount of income tax that Parvin would pay using each cost flow method FIFO LIFO income tax