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 400 units $17 2,700 units & $22 1,200 units $23 During Year 3, Parvin sold 3,655 units of inventory at $44 per unit and incurred $17,900 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 $172,200, inventory of $6,800, common stock of $155,000, and retained earnings of $24,000. b. Determine the amount of income tax that Parvin would pay using each cost flow method. FIFO LIFO Income tax