Please show the calculation! Thank you.
Required information [The following information applies to the questions displayed below.] The following information pertains to the inventory of Parvin Company: Jan. 1 Apr. 1 Oct. 1 Beginning inventory Purchased Purchased 300 units 2,600 units 1,100 units @ @ @ $15 $20 $21 During 2018, Parvin sold 3,400 units of inventory at $43 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 $191,500, inventory of $4,500, common stock of $172,000, and retained earnings of $24,000. -. Determine the cash flow from operating activities under FIFO and LIFO. (Round intermediate calculations and final answers to the nearest whole dollar amount. Amounts to be deducted should be indicated with minus sign.) FIFO LIFO Net cash flow from operating activities Required information [The following information applies to the questions displayed below.) The following information pertains to the inventory of Parvin Company: Jan. 1 Apr. 1 Oct. 1 Beginning inventory Purchased Purchased 300 units 2,600 units 1,100 units @ @ @ $15 $20 $21 During 2018, Parvin sold 3,400 units of inventory at $43 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 $191,500, inventory of $4,500, common stock of $172,000, and retained earnings of $24,000 b. Determine the amount of income tax that Parvin would pay using each cost flow method. FIFO LIFO Income tax Required information [The following information applies to the questions displayed below.) The following information pertains to the inventory of Parvin Company: Jan. 1 Apr. 1 Oct. 1 Beginning inventory Purchased Purchased 300 units 2,600 units 1,100 units @ @ @ $15 $20 $21 During 2018, Parvin sold 3,400 units of inventory at $43 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 $191,500, inventory of $4,500, common stock of $172,000, and retained earnings of $24,000. a. Prepare income statements using FIFO and LIFO. (Round intermediate calculations and final answers to the nearest whole dollar amount.) PARVIN COMPANY Income Statements For the Year Ended December 31, 2018 FIFO L IFO Sales Cost of goods sold Gross margin Operating expenses Income before tax Income tax expense Net income
