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

Jan. 1	Beginning Inventory	550	units	@	$	36
Apr. 1	Purchased	2,300	units	@	$	41
Oct. 1	Purchased	750	units	@	$	44

During Year 2, Parvin sold 3,300 units of inventory at $90 per unit and incurred $43,000 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 $78,000, inventory of $19,800, common stock of $53,000, and retained earnings of $44,800.

PARVIN COMPANY Income Statements For the Year Ended December 31, Year 2 FIFO Cost of goods sold: Cost of goods sold 0 0 0 $ 0 LIFO Cost of goods sold: Cost of goods sold 0 0