during the year, parvin sold 3,825 units of inventory at $41 per unit and incurred $18,900 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 $175,100, inventory of $5,400, common stock of $156,000, and retained earnings of $24,500. Required a. Prepare income statements using FIFO and LIFO.