The question is in the photos below. If you can please answer all three parts. Thank you!
Required Information [The following information applies to the questions displayed below The following information pertains to the inventory of Parvin Company an. 1Beginning inventory Apr. 1 Purchased Oct. 1 Purchased 400 units$15 2,680 units $20 1,000 units $21 During 2018. Parvin sold 3.400 units of inventory at $42 per unit and incurred $16,800 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 $186.000, inventory of $6.000, common stock of $169,000. and retained earnings of $23.000. a. Prepare income statements using FIFO and LIFO. (Round Intermedlate calculetions and final answers to the nearest whole dollar amount.) Income Statements For the Year Ended December 31, 2018 FIFO LIFO Sales Cost of goods sold Gross margin Income before tax tax expense Net inoome Required Information The following information applies to the questions displayed below The following information pertains to the inventory of Parvin Company Jan. 1 Apr. 1 Oct. 1 Beginning inventory Purchased Purchased 480 units$15 2,600 units $28 1,e88 units$21 During 2018, Parvin sold 3400 units of inventory at $42 per unit and incurred $16.800 of operating expenses. Parvin currently uses the FIFO method but is considering a change to LIFO. All transactions are cash transactions income tax rate. Parvin started the period with cash of $186.000, inventory of $6.000, common stock of $169.000. and retained earnings of $23,000. b. Determine the amount of income tax that Parvin would pay using each cost flow method. LIFO Income tax Required Information (The following information applies to the questions displayed below The following information pertains to the inventory of Parvin Company Jan. 1 Beginning inventory Apr. 1 l Purchased Oct. 1Purchased 400 unitS$15 2,6e0 units32 1,ee0 units$21 During 2018. Parvin sold 3,400 units of inventory at $42 per unit and incurred $16.800 of operating expenses. Parvin currently uses the FIFO method but is considering a change to LIFO. All transactions are cash transactions. Assume a 30 xrate, paryn started the period with cash of $186,000. inventory of $6.000, common stock of $169000. and retained earnings of $23.000. the cash fiow from operating activities under FIFO and LIFO IRound Intermedlate caleulations and est whole dollar amount. Amounts to be deducted should be Indiceted with minue sign.) LIFO et cash tow from operating activities