Saved Required information [The following information applies to the questions displayed below.] The followiffy information pertains to the inventory of Parvin Company for Year 3 : January 1 Beginning inventory 500 units e $19 April 1 Purchased 2,700 units $24 October 1 Purchased 900 units & $25 During Year 3, Parvin sold 3,485 units of inventory at $44 per unit and incurred $18,400 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 $108,000, inventory of $9,500, common stock of $94,000, and retained earnings of $23,500. Required a. Prepare income statements using FIFO and LIFO