19%, 12.38 of 20 points Points: 6.67 of 10 Thames Company's inventory records for its retail division show the following at January 31: (Click the icon to view the accounting records) Al January 31, 10 of these units are on hand. Thames Company calculated its cost of goods sold using LIFO as $2.257 and its cost of goods sold using FIFO as $2,100 Read the requirement How much in taxes would Thames Company, save by using the LIFO method versus FIFO? Sales revenue is $7,280, operating expenses are $1,400, and the income tax rate is 40% (Round your newer to the nearest cent Difference in methods Income tax rate (entered as a whole number) - X Tax savings using LIFO Data table Jan 1 Beginning inventory Jan 15 1 Purchase Jan 26 Purchase 7 units $165-$1,155 Sunts @$166-$830 11 units @$175-$1.925 Print Done Requirement 1. How much in taxes would Thames Company; save by using the LIFO method versus FIFO? Sales revenue is $7,280, operating expenses are $1.400, and the income tax rate is 40% (Round your answer to the nearest cent) Print Done