Dundas Company's inventory records for its retail division show the following at July 31: (Click the icon to view the accounting records.) At July 31, 8 of these units are on hand. Dundas Company calculated its cost of goods sold using LIFO as $1,911 and its cost of goods sold using FIFO as $1,835. Read the requirement. How much in taxes would Dundas Company, save by using the LIFO method versus FIFO? Sales revenue is $6,720, operating expenses are $1,100, and the income tax rate is 40%. (Round your answer to the nearest cent.) Difference in methods Income tax rate (entered as a whole number) Tax savings using LIFO % Data table Requirement Jul 1 Jul 15 Beginning inventory Purchase 4 units @ $150 = $600 5 units @ $151 = $755 Purchase 11 units @$160 = $1,760 1. How much in taxes would Dundas Company, save by using the LIFO method versus FIFO? Sales revenue is $6,720, operating expenses are $1,100, and the income tax rate is 40%. (Round your answer to the nearest cent.) Jul 26 Drint Dono