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 3,655 units of inventory at $44 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 $70,500, inventory of $8,000, common stock of $54,000, and retained earnings of $24,500. quired Prepare income statements using FIFO and LIFO. ote: Round intermediate calculations and final answers to the nearest whole dollar amount