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Prepare income statements using FIFO and LIFO. (Round intermediate calculations and final answers to th...

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Prepare income statements using FIFO and LIFO. (Round intermediate calculations and final answers to th dollar amount.) Determine the cash flow from operating activities under FIFO and LIFO. (Round intermediate calculations and final answers to the nearest whole dollar amount.) The following information pertains to the inventory of Parvin Company: During the year, Parvin sold 3,230 units of inventory at $41 per unit and incurred $18,200 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 $190,500, inventory of $6,000, common stock of $173,000, and retained earnings of $23,500. Required a. Prepare income statements using FIFO 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 activities under FIFO and LIFO. Determine the amount of income tax that Parvin would pay using each cost flow metl

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