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Required information

$[$The following information applies to the questions displayed below.$]$

The following information pertains to the inventory of Parvin Company for Year $3$:

January $1$

April $1$

October $1$

Beginning inventory $400$ units a $$21$

Purchased $2,700$ units @ $$26$

Purchased $900$ units & $$27$

During Year $3,$ Parvin sold $3,400$ units of inventory at $$42$ per unit and incurred $$16,300$ 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 $$132,600,$ inventory of $$8,400,$ common stock of $$118,000,$ and retained earnings of $$23,000.$

b$.$ Determine the amount of income tax that Parvin would pay using each cost flow method.

$\backslash$table$[[,$FIFO,LIFO$],[$Income tax,,$]]$