The following information pertains to the inventory of Parvin Company during Year 2. January 1 Beginning Inventory 750 units 0$33 April 1 Purchased 2,700 units 0$38 October 1 Purchased 950 units 0$41 During Year 2, Parvin sold 4,000 units of inventory at $90 per unit and incurred $45,000 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 $82,000, inventory of $24,750, common stock of $57,000, and retained earnings of $49,750. Exerclse 5-6A (Algo) Part b b. Prepare income statements using FIFO and LIFO.