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Required information [The following information applies to the questions displayed below.] The following information pertains...

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Accounting

Required information [The following information applies to the questions displayed below.] The following information pertains to the inventory of Parvin Company for Year 3: {:[" January "1," Beginning inventory "500" units a "$19],[" April 1 "," Purchased 2,700 units \& "$24],[" October 1 "," Purchased "900" units a "$25]:} During Year 3, Parvin sold 3,485 units of inventory at $44 per unit and incurred $18,400 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 $108,000, inventory of $9,500, common stock of $94,000, and retained earnings of $23,500. b. Determine the amount of income

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