Naman Company uses the LIFO method of inventory valuation; this results in cost of goods sold of $98,600 and net income (before taxes) of $8.450. If the company had used the FIFO method, the cost of goods sold would have been $79,200 and the net income (before taxes) $27.850. The federal income tax rate for the company is 21%. Which statement is true? The company will pay approximately $4,074 more in taxes if using FIFO rather than LIFO. The company will pay approximately $5,849 more in taxes if using FIFO rather than LIFO. The company will pay approximately $4,074 less in taxes it using FIFO rather than LIFO. The company will pay approximately $1.775 less in taxes if using LIFO rather than FIFO