Required information

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

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

During Year $3,$ Parvin sold $3,485$ units of inventory at $$41$ per unit and incurred $$15,800$ 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 $$196,900.$ inventory of $$7,600,$ common stock of $$181,000,$

and retained earnings of $$23,500.$

Required

a$.$ Prepare income statements using FIFO and LIFO.

Note: Round intermediate calculations and final answers to the nearest whole dollar amount.