The following information applies to the questions displayed below) The following information pertains to the inventory of Parvin Company during Year 2 Dan. 1 Apr. 1 Oct. 1 Beginning Inventory Purchased Purchased 350 units @ $ 39 3,000 units @ $ 44 558 units @ $ 47 During Year 2. Parvin sold 3,600 units of inventory at $85 per unit and incurred $46,500 of operating expenses. Parvin currently uses the FIFO method but is considering a change to LIFO All transactions are cash transactions. Assume a 4 percent income tax rate Parvin started the period with cash of $85.000, inventory of $13,650. common stock of $60,00 and retained earnings of $38,650. Exercise 5-6A Part b b. Prepare income statements using FIFO and LIFO. PARVIN COMPANY Income Statements For the Year Ended December 31, Year 2 FIFO Cost of goods sold Cost of goods sold Sic USER Required information Income Statements For the Year Ended December 31. Year 2 FIFO Cost of goods sold: Cost of goods sold LIFO Cost of goods sold Cost of goods sold