McKinley Company's inventory records for its retail division show the following at December 31: (Click the icon to view the accounting records.) At December 31, 8 of these units are on hand. McKinley 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 McKinley Company, save by using the LIFO method versus FIFO? Sales revenue is $7,500, operating expenses are $1,900, and the income tax rate is 30%. (Round your answer to the nearest cent.) Difference in methods Data Table x Income tax rate (entered as a whole number) Tax savings using LIFO Dec 1 Beginning inventory Purchase Dec 15 4 units @ $150 = $600 5 units @ $151 = $755 11 units @ $160 = $1,760 Dec 26 Purchase Print Done