Chapter 6 - Apply your knowledge HW Score: 50%, 10 of 20 points Question 2, E6-20A (similar to) O Points: 0 of 10 Dave Company's inventory records for its retail division whow the following at October 31: (Click the icon to view the accounting reconds) At October 31.8 of these units are on hand Dave Company calculated to cost of goods sold using LIFO as $2,073 and its cost of goods sold using FIFO as $135 Save How much in taxes would Dave Company, save by using the LIFO method versus FIFO7 Sales revenue is $7,500, operating expenses are $1,700, and the income taxi 30% (Round your newer to the nearest cent) Difference in methods Income tax rate (entered as a whole number) Tax savings using LIFO Data table Oct 1 Oct 15 Oct 20 Beginning inventory 6 units @$105 $990 Purchase Purchase 5 units @$166 $830 9 units @$175 $1,575 Requirement 1. How much in taxes would Dave Company, save by using the LIFO method versus FIFO? Sales revenue is $7,500, operating expenses are $1,700, and the income tax rate is 35% (Round your ancesto the hearest cent) Print Done