The following information pertains to the inventory of Parvin Comparty? During the year, Parvin sold 3,400 anits of inventory at $41 per unit and incurfed $16,500 of operating expenses. Porvin currently uses the FlFO 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 $92,500, inventory of $8,000, common stock of $76,000, and retained earnings of $24,500. Required a. Prepare income statements using FFFO and LIFO. b. Determine the amount of income tax that Parvin would pay using each cost flow method. c. Determine the cash flow from operating octivities under FIFO and LFF. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Determine the cash flow from oparating activities under FIFO and LIFO. (Round intermediate calculations and final answers to the nearest whole dollar amount.)