During Year 3, Parvin sold 3,655 units of inventory at $44 per unit and incurred $17,900 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 $163,500, inventory of $7,500, common stock of $147,000, 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