Required information [The following information applies to the questions displayed below.) The following information pertains to the inventory of Parvin Company for Year 3: Jan. 1 Apr. 1 Oct. 1 Beginning inventory Purchased Purchased 300 units $19 2.600 units $24 1,100 units @ $25 During Year 3, Parvin sold 3,400 units of inventory at $42 per unit and incurred $18,000 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 $97,300, Inventory of $5,700, common stock of $79,000, 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, Year 3 FIFO LIFO 30 percent income tax rate. Parvin started the period with a $79,000, and retained earnings of $24,000. $97,300, inventory of $5,700, common stock of a. Prepare income statements using FIFO and LIFO. (Round intermediate calculations and final answers to the nearest whole dollar amount.) nces PARVIN COMPANY Income Statements For the Year Ended December 31, Year 3 FIFO LIFO Sales Cost of goods sold Gross margin Operating expenses Income before tax 0 income tax expense Net income 0