Required information [The following information applies to the questions displayed below.) The following information pertains to the inventory of Parvin Company during Year 2. January 1 Beginning Inventory 550 units. $36 Aprili Purchased 2,450 units & $41 October 1 Purchased 750 units $44 During Year 2, Parvin sold 3,400 units of inventory at $80 per unit and incurred $48,500 of operating expenses. Parvin currently uses the FIFO method but is considering a change to LIFO. All transactions are cash transactions. Assume a 40 percent income tax rate. Parvin started the period with cash of $89,000, inventory of $19,800, common stock of $64,000, and retained earnings of $44,800. 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. Complete this question by entering your answers in the tabs below. FIFO General FIFO T LIFO General LIFOT Journal accounts Journal accounts Record the above transactions in general Journal form using FIFO. (If no entry is required for a transaction event, select "No joumal entry required in the first account held.) View transaction tist FIFO General Journal FIFO T accounts LIFO General Journal LIFO T accounts Post the above transactions to T-accounts using FIFO. Cash Merchandise Inventory Beg. Bal Beg. Bal End. Bal End. Bal Common Stock Retained Earnings Beg Bal Beg. Bal End. Bal End. Bal Sales Revenue Cost of Goods Sold Beg Bal Bog. Bal End. Bal End, Bal Operating Expenses Income Tax Expense Journal entry worksheet Record purchases of merchandise inventory for cash. Note: Enter debits before credits Date General Journal Debit Credit Apr 01 Record entry Clear entry View general Journal Required information Post the above transactions to T-accounts using LIFO. Cash Merchandise Inventory Beg. Bal Beg. Bal End. Bal End. Bal Common Stock Retained Earnings Beg. Bal Beg. Bal End. Bal End. Bal Sales Revenue Cost of Goods Sold Beg. Bal Beg. Bal End. Bal End. Bal Operating Expenses Income Tax Expense Beg. Bal Beg Bal