FIFO:

LIFO:

Exercise 5-6A Income tax effect of shifting from FiFO to LIFOLO S1 The olwing information applies to the qestions dispaye blow The following informasion pertains to the inventory of Pain Company duing Year 2 600 unite . S37 etoy Ape 1 Parchased Oct.1 Parchase During Year 2, Parvin sold 4,200 units of inventory a 55 per unit and incumed 55500 of operating expenses Parvin percent income tax ate Parvin started the period wh cash of $5,000, inventory of $22 200 6ommon stock of $7o 000 and retained eernings achange to LFO of s47200 Exercise 5-64 Part the above t using m RIFO and (2 LIFO Use a ounal enies and T-accoues for each method of ne entry is required for e venactonevent select No jeunel entry equved"in the ast account field FIFO