The following information pertains to the inventory of Parvin Company:

During the year, Parvin sold $3,400$ units of inventory at $$40$ per unit and incurred $$16,800$ 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 $$194,700,$

inventory of $$8,800,$ common stock of $$179,000,$ and retained earnings of $$24,500.$

Prepare income statements using FIFO and LIFO. $($Round intermediate calculations and final answers to the neares

dollar amount.$)$

Determine the amount of income tax that Parvin would pay using each cost flow method.

Determine the cash flow from operating activities under FIFO and LIFO. $($Round intermediate calculations and final

the nearest whole dollar amount.$)$