Cathy Company uses the LIFO method of inventory valuation. The fiscal year 2021 financial statements of Cathy reported the following information: (in thousands) Cost of goods sold Inventories LIFO reserve 2021 2020 $1,529,527 $1,517,397 546,745 4,345 585,764 4,094 Assume Cathy's tax rate has remained constant for all years at 30%. The amount of tax expense that Cathy has saved by using the LIFO method instead of the FIFO method in 2021 is closest to: O $11,706 thousand. $75 thousand $1,304 thousand $164,024 thousand $3,639 thousand