2007	2006
Inventories	100,000	80,000
Cost of Goods Sold	760,000	580,000

Inventories are valued by the last in, first out (LIFO) method. Jenna has used LIFO since 1960. The excess of current cost over the amount stated for inventories calculated by the LIFO method amounted to approximately $20,000 at Dec 31, 2007 and $16,000 at Dec 31, 2006.

1) Assuming a 40% income tax rate, the total amount saved in income taxes in 2007 from using LIFO is?

2) Assuming a 40% income tax rate, the total amount saved in income taxes since Jenna Company started using LIFO is?