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

Jan. 1	Beginning Inventory	650	units	@	$	40
Apr. 1	Purchased	2,500	units	@	$	45
Oct. 1	Purchased	850	units	@	$	48

During Year 2, Parvin sold 3,500 units of inventory at $80 per unit and incurred $44,000 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 $80,000, inventory of $26,000, common stock of $55,000, and retained earnings of $51,000.

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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)