Required information [The following information applies to the questions displayed below.] The following information pertains to the inventory of Parvin Company for Year 3 : January1hpril1Dotober1Beginninginventory400units$18Purchaned2,900units$23Purchased800units$24 During Year 3, Parvin sold 3,485 units of inventory at $41 per unit and incurred $16,700 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 $171,300, inventory of $7,200, common stock of $155,000. and retained earning 5 of $23,500. Required a. Prepare income statements using FIFO and LIFO. Note: Round intermediate calculations and final answers to the nearest whole dollar amount