Required information The following information applies to the questions displayed below.] The following Information pertains to the inventory of Parvin Company during Year 2 Jan. 1 Beginning Inventory Apr. 1 Purchased Oct. 1 Purchased 4ee units $30 2.eee units. $35 tee units $38 During Year 2 Parvin sold 2,700 units of Inventory at $90 per unit and incurred $41.500 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 $75.000, Inventory of $12.000, common stock of $50,000, and retained earnings of $37,000. Required a. Record the above transactions in general Journal form and post to T-accounts using (1) FIFO and (2) LIFO. Use a separate set of Journal entries and T-accounts for each method. (If no entry is required for a transaction/event, select "No journal entry required" In the first account field.) FIFO Vlow trancation lit View journal entry worksheet No Data General Journal Credit Debit 70,000 14 1 Apr 01 Merchandise inventory Cash 70,000 2 Oct 01 Marchandise Inventory 22.800 Cash 22.800 3 Dec 31 Cash 243,000 Sales revenue 243,000 4 Dec 31 93.400 Cost of goods sold Merchandise inventory 93.400 Dec 31 41.500 Operating expenses Cash 41,500 6 6 Dec 31 32.430 Income tax expense Cash 32.430 FIFO Cath. Merchandica Inventory Bog Bal Beg Bal 70,000 22,800 1071 Year 2 End. Bal 92.000 End. Bal Common took Retained Earnings Beg Ba Beg Bal End. Bal End. Bal Sales Revenue Coct of Goods Sold Beg Bal Beg Bal End. Bal End. Bal Operating Expencat Income Tax Expance Beg Bal Beg Bal End. Bal End. Bal B LIFO Viewrancsolton ict Journal entry worksheet