Ken 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. Ken 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 Ken Company, save by using the LIFO method versus FIFO? Sales revenue is $8,320, operating expenses are $1,500, and the income tax rate is 40%. (Round you answer to the nearest cent) Difference in methods Income tax rate (entered as a whole number) Tax savings using LIFO Data table Jul 1 Beginning Inventory 9 units @$165-$1,455 Jul 15 Purchase Jul 26 Purchase 5 units @$100-$830 13 units @$175 $2,275 Print Done Clear all Check answer