The following information pertains to the inventory of Parvin Company: Jan. 1 Beginning inventory 400 units @ $ 16 Apr. 1 Purchased 2,600 units @ $ 21 Oct. 1 Purchased 1,100 units @ $ 22 During the year, Parvin sold 3,485 units of inventory at $41 per unit and incurred $18,600 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 $210,600, inventory of $6,400, common stock of $194,000, and retained earnings of $23,000.