The following information pertains to the inventory of Parvin Company during Year 2. During Year 2, Parvin sold 2,700 units of inventory at $90 per unit and incurred $41,500 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 $75,000, inventory of $12,000, common stock of $50,000, and retained earnings of $37,000. b. Prepare income statements using FIFO and LIFO. Complete this question by entering your answers in the tabs below. Prepare income statement using FIFO. Complete this question by entering your answers in the tabs below. Prepare income statement using LIFO