Richmond Company's Inventory records for its retail division show the following at July 31: (Click the icon to view the accounting records) At July 31, 9 of these units are on hand. Richmond Company calculated its cost of goods sold using LIFO as $2,082 and its cost of goods sold using FIFO as $1,905 Read the requirement How much in taxes would Richmond Company, save by using the LIFO method versus FIFO? Sales revenue is $6.240. operating expenses are $1,600, and the income tax rate is 15%. (Round your answer to Difference in methods x income tax rate % Data Table Tax Savings using LIFO Requirement Jul 1 Beginning inventory 15 Purchase units 5 1655 100 165 830 175 $ 1.750 1. How much in the would Richmond Company, save by using the UFO method versus FF07 Sales revenue is 6.240, operating expenses are $1.500, and the income tax rate is 15%. Round your answer to the nearest Cont) Print Done Print Done