(Learning Objective 2, 3: Computing the tax advantage of LIFO over FIFO) Use the data for Ron’s, Inc., in Exercise 6-29B to illustrate Ron’s income tax advantage from using LIFO over FIFO. Sales revenue is €8,750, operating expenses are €2,000, and the income tax rate is 32%. How much in taxes would Ron’s save by using the LIFO method versus FIFO?