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please help!! Che O Required information [The following information applies to the questions displayed below.) The following information pertains to the inventory of Parvin Company
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Che O Required information [The following information applies to the questions displayed below.) The following information pertains to the inventory of Parvin Company for Year 3: Jan. 1 Apr. 1 Oct. 1 Beginning inventory Purchased Purchased 4ee units @ $18 2,8ee units @ $23 1,1ee units @ $24 During Year 3. Parvin sold 3,655 units of inventory at $45 per unit and incurred $18.100 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 $155,300, inventory of $7200, common stock of $138.000 and retained earnings of $24,500. b. Determine the amount of income tax that Parvin would pay using each cost flow method, FIFO LIFO Income tax
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