Requirement 1. How much in taxes would Ontario Company, save by using the LIFO method versus FIFO? Sales revenue is $12,500, operating expenses are $1,400, and the income tax rate is 25%. (Round your answer to the nearest cent.) irio Company's inventory records for its retal division show the following at July 31: (Click the icon to view the accounting records.) uly 31, 10 of these units are on hand. Ontario Company calculated its cost of goods id the requirement. W much in taxes would Ontario Company, save by using the LIFO method versus FIFO? Data table