The following information pertains to the inventory of Parvin Company during Year 2.

January 1	Beginning Inventory	500 units @ $34
April 1	Purchased	2,200 units @ $39
October 1	Purchased	700 units @ $42

During Year 2, Parvin sold 3,100 units of inventory at $85 per unit and incurred $42,500 of operating expenses. Parvin currently uses the FIFO method but is considering a change to LIFO. All transactions are cash transactions. Assume a 40 percent income tax rate. Parvin started the period with cash of $77,000, inventory of $17,000, common stock of $52,000, and retained earnings of $42,000.

Required a. Record the above transactions in general journal form and post to T-accounts using (1) FIFO and (2) LIFO. Use a separate set of journal entries and T-accounts for each method.