The Selkirk Corporation began business on January 3rd, 2020, when they sold stock for $80,000. During 2020: On January 15th, Selkirk bought 1000 units of inventory at $20 each. On March 9th, Selkirk bought 1000 units of inventory at $25 each. On July 11th, Selkirk bought 1000 units of inventory at $30 each. On November 1st, Selkirk bought 1000 units of inventory at $40 each. On December 31st, Selkirk has 1300 units of inventory in the warehouse. Selkirk sold its merchandise at $49 each. Taxes are 25%. On December 31st, Selkirk has no payables or receivables.

REQUIRED: How much would Selkirk have saved using LIFO instead of FIFO?