Homework: Chapter 6 - Apply your knowledge Save Score: 0 of 10 pts 2 of 2 (2 complete) HW Score: 50%, 10 of 20 pts Question Help E6-18A (similar to) McKinley Company's inventory records for its retail division show the following at December 31: (Click the icon to view the accounting records.) At December 31, 8 of these units are on hand. McKinley Company calculated its cost of goods sold using LIFO as $2,073 and its cost of goods sold using FIFO as $1,995. Read the requirement. How much in taxes would McKinley Company, save by using the LIFO method versus FIFO? Sales revenue is $7,200, operating expenses are $1,200, and the income tax rate is 35%. (Round your answer to the nearest cent.) Difference in methods % Data Table * Income tax rate (entered as a whole number) Tax savings using LIFO Dec 1 6 units @ $165 = $990 Beginning inventory Purchase Dec 15 5 units @ $166 = $830 9 units @ $175 = $1,575 Dec 26 Purchase Print Done Requirement 1. How much in taxes would McKinley Company, save by using the LIFO method versus FIFO? Sales revenue is $7,200, operating expenses are $1,200, and the income tax rate is 35%. (Round your answer to the nearest cent.) Enter any number in the edit fields and then click Check Answer. ? Print Done All parts showing Check