Kane uses periodic inventory system. It uses LIFO for financial reporting purposes and FIFO for internal reports. Kane's LIFO reserve account has credit balances of $23,000 and $5,000 at the end of 2016 and 2017, respectively. The FIFO inventory balances at the end of 2016 and 2017 are as follows: 2016 2017 FIFO Inventory 183,000 195,000 If Kane reports a $28,800 income before taxes in 2017 using LIFO, what would its income before taxes have been if it used FIFO inventory system sincoine instead? $10,800 $28.800 $46,800 $56,800 The following information is available for Sane Company for the month of January, and Sane uses (1) average costing method under the perpetual system, and/or (2) LIFO cost flow assumption under the perpetual system. Number of Units Unit Cost/Price (S) Beginning Inventory (January 80 1) 450 Purchase (January 10) 600 90 Sale (January 13) 350 144 Purchase (January 28) 200 96 Sale (January 30) 400 148 What is the amount of tax savings (after rounding) for January if Sane uses (2) LIFO perpetual instead of (1) average cost perpetual, assuming that the effective tax rate is 35967 $1,125 $1.275 $2.175 $2.275