McKinley Company's inventory records for its retail division show the following at August 31 : (Click the icon to view the accounting records.) At August 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 $6,240, operating expenses are $1,500, and the income tax rate is 35%. (Round your answer to the nearest cent.)