High Life Company's inventory records for its retail division show the following at July $31$ :

$($Click the icon to view the accounting records.$)$

At July $31,11$ of these units are on hand. High Life Company calculated its cost of goods sold using LIFO as $$2,502$

and its cost of goods sold using FIFO as $$2,395.$

Read the requirement.

How much in taxes would High Life Company, save by using the LIFO method versus FIFO? Sales revenue is

$$8,050,$ operating expenses are $$1,800,$ and the income tax rate is $25\%.($Round your answer to the nearest cent.$)$

Difference in methods

Income tax rate $($entered as a whole number$)$

$\%$

Tax savings using LIFO

Data table