Thames Company's inventory records for its retail division show the following at January 31: (Click the icon to view the accounting records.) At January 31, 11 of these units are on hand. Thames Company calculated its cost of goods sold using LIFO as $3,024 and its cost of goods sold using FIFO as $2,915. Read the requirement. How much in taxes would Thames Company, save by using the LIFO method versus FIFO? Sales revenue is $10,080, operating expenses are $1,500, and the income tax rate is 25%. (Round your answer to the nearest cent.) Difference in methods * Income tax rate (entered as a whole number) Tax savings using LIFO % Requirement Data table 1. How much in taxes would Thames Company, save by using the LIFO method versus FIFO? Sales revenue is $10,080, operating expenses are $1,500, and the income tax rate is 25%. (Round your answer to the nearest cent.) Jan 1 Jan 15 Jan 26 Beginning inventory Purchase Purchase 10 units @ $160 = $1,600 5 units @ $161 $805 14 units @ $170 = $2,380 Print Done Print Done