Required information The following information applies to the questions displayed below.] The following information pertains to the inventory of Parvin Company: Jan. 1 Beginning inventory Apr. Purchased oct. 1 Purchased 500 units $20 2,500 units $25 1,100 units $26 During 2018, Parvin sold 3,485 units of inventory at $42 per unit and incurred $18,500 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 $74,000, inventory of $10,000, common stock of $59,000, and retained earnings of $25,000