Ontario 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. Ontario 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 Ontario Company, save by using the LIFO method versus FIFO? Sales revenue is $7,200, operating expenses are $1,600, and the income tax rate is 30%. (Round your answer to the nearest cent.) Difference in methods x Income tax rate % Data Table Tax savings using LIFO Requirement 600 Aug 1 Beginning inventory .... 15 Purchase 4 units @ $ 150 = $ 5 units @ 151 = $ 1. How much in taxes would Ontario Company, save by using the LIFO method versus FIFO? Sales revenue is $7,200, operating expenses are $1,600, and the income tax rate is 30%. (Round your answer to the nearest cent.) 755 26 Purchase 11 units @ 160 = $ 1,760 Print Done Print Done