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 $44 per unit and incurred $18,800 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 $110,500, inventory of $10,000, common stock of $96,000, and retained earnings of $24,500. b. Determine the amount of income tax that Parvin would pay using each cost flow method