please answer a b and c and fix the wrong answers

Problem: Module 2 Textbook Problem 11 Learning Objective: 2-7 Show how different inventory cost flow methods (specific identification, FIFO, LIFO, and weighted average) affect financial statements The following information pertains to the inventory of Parvin Company Jan. 1 Apr. 1 Oct. 1 Beginning inventory Purchased Purchased 500 units 2,600 units 900 units e $21 $26 @ $27 During the year, Parvin sold 3,400 units of inventory at $44 per unit and incurred $17,400 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 $112,000, inventory of $10,500, common stock of $98,000, and retained earnings of $24,500. Required a. Prepare income statements using FIFO and LIFO. b. Determine the amount of income tax that Parvin would pay using each cost flow method. c. Determine the cash flow from operating activities under FIFO and LIFO. Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare income statements using FIFO and LIFO. (Round intermediate calculations and final answers t dollar amount.) PARVIN COMPANY Income Statements For the Year Ended December 31 FIFO LIFO $ $ Sales 149,600 149,600 Cost of goods sold 103,600 X 119,800 Income before tax 0 0 Income tax expense Net income 13,800 $ 32,200 8,940 $ 20,860 X Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine the amount of income tax that Parvin would pay using each cost flow method. FIFO $ 13,800 LIFO $ 8,940 Income tax Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine the cash flow from operating activities under FIFO and LIFO. (Round intermediate calculati the nearest whole dollar amount.) FIFO LIFO $ 31,360 Net cash flow from operating activities $ 26,500