The following information pertains to the inventory of Parvin Company: Jan. 1 Beginning inventory 500 units @ $ 21 Apr. 1 Purchased 3,000 units @ $ 26 Oct. 1 Purchased 800 units @ $ 27 During the year, Parvin sold 3,655 units of inventory at $40 per unit and incurred $16,700 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 $198,000, inventory of $10,500, common stock of $185,000, and retained earnings of $23,500