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Required information [The following information applies to the questions displayed below] The following information pertains to the inventory of Parvin Company for Year 3: January1April1Oetober1Beginainginventory400unitso$18Purchased2,900unitse$23Purchased800unitse$24 During Year 3, Parvin sold 3,485 units of inventory at $41 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 $171,300, inventory of $7,200, common stock of $155,000, and retained earnings of $23,500. b. Determine the amount of income tax that Parvin would pay using each cost flow method
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