Required information The following information applies to the questions displayed below] The following information pertains to the inventory of Parvin Company during Year 2 During Year 2. Parvin sold 2700 units of inventory at $90 per unit and incurred $41,500 of operating expenses, Parvin currently uses the FIFO method but is considening 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. tequired Record the above transactions in general joumal form and post to Traccounts using (1) FiFO and (2) UFO. Use a separate set of sumat entries and Traccounts for each method Complete this question by entering your answers in the tabs below. Record the above transactions in general journal form using FIFO. (II no entry is irequired for a transaction/event, stelect "No journal entry required" in the first account field.) Required information The following information applies to the questions displayed below] The following information pertains to the inventory of Parvin Company during Year 2 During Year 2. Parvin sold 2700 units of inventory at $90 per unit and incurred $41,500 of operating expenses, Parvin currently uses the FIFO method but is considening 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. tequired Record the above transactions in general joumal form and post to Traccounts using (1) FiFO and (2) UFO. Use a separate set of sumat entries and Traccounts for each method Complete this question by entering your answers in the tabs below. Record the above transactions in general journal form using FIFO. (II no entry is irequired for a transaction/event, stelect "No journal entry required" in the first account field.)