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 $1$ Beginning inventory $300$ units @ $$17$

April $1$ Purchased $2,500$ units a $$22$

October $1$ Purchased $1,000$ units @ $$23$

During Year $3,$ Parvin sold $3,230$ units of inventory at $$42$ per unit and incurred $$18,300$ 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 $$209,900,$ inventory of $$5,100,$ common stock of $$192,000,$

and retained earnings of $$23,000.$

Required

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

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