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I need the cash outflow for inventory on FIFO and LIFO. Jan. 1 Apr. 1 Oct. 1 Beginning Inventory Purchased Purchased 500 units @ $

I need the cash outflow for inventory on FIFO and LIFO. image text in transcribed
Jan. 1 Apr. 1 Oct. 1 Beginning Inventory Purchased Purchased 500 units @ $ 34 2,350 units $ 39 700 units @ $ 42 During Year 2, Parvin sold 3,200 units of inventory at $100 per unit and incurred $48,000 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 $88,000, inventory of $17,000, common stock of $63,000, and retained earnings of $42,000. Exercise 5-6A Part d d. Determine the cash flow from operating activities under FIFO and LIFO. (Amounts to be deducted should be indicated with minus sign.) IFO Parvin Company Cash Flows from Operating Activities FIFO L Cash flows from operating activities: Cash inflow from customers $ 320,000 $ Cash outflow for inventory Cash outflow for operating expenses (48,000) Cash outflow for income tax expense (44,595) Net cash flow from operating activities $ 2274055 320,000 (48,000) (43,755) 228245

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