E6-18A (similar to) Question Help High Life Company's inventory records for its retail division show the following at January 31: (Click the icon to view the accounting records.) At January 31, 11 of those units are on hand. High Life Company calculated its cost of goods sold using LIFO as $2,773 and its cost of goods sold using FIFO as $2,665 Read the requirement How much in taxes would High Life Company, save by using the LIFO method versus FIFO? Sales revenue is $8,480, operating expensos are $1,000, and the income tax rate is 35%. (Round your answer to the nearest cont.) Difference in methods * Income tax rate Tox savingn using LIFO ar to) Question He Inventory records for its retail division show the following at January 31: view the accounting records.) these units are on hand. High Life Company calculated its cost of goods sold using LIFO as $2,773 and its cost of goods ht. vould High Life Company, save by using the LIFO method versus FIFO? Sales revenue is $8,480, operating expenses are ate is 35%. (Round your answer to the nearest cent.) ds i Data Table - X LIFO Jan 1 Beginning inventory 15 Purchase 9 units @ $ 165 = $ 1,485 5 units @ 166 = $ 830 13 units @ 175 = $ 2,275 26 Purchase Print Done i Requirement -X 1. How much in taxes would High Life Company, save by using the LIFO method versus FIFO? Sales revenue is $8,480, operating expenses are $1,000, and the income tax rate is 35%. (Round your answer to the nearest cent.) Print Done