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 April 1 Beginning inventory 500 units @ $18 October 1 Purchased 2,900 units @ $23 Purchased 900 units @ $24 During Year 3, Parvin sold 3,655 units of inventory at $42 per unit and incurred $16,400 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 $168,500, inventory of $9,000, common stock of $153,000, and retained earnings of $24,500.