May 1 Beginning inventory 10 units @ $160 = $1,600 May 15 Purchase May 26 Purchase 5 units @ $161 = $805 14 units @ $170 = $2,380 Requirement 1. How much in taxes would Spear Corporation, save by using the LIFO method versus FIFO? Sales revenue is $10,080, operating expenses are $800, and the income tax rate is 25%. (Round your answer to the nearest cent.) (Click the icon to view the accounting records.) At May 31, 11 of these units are on hand. Spear Company calculated its cost of goods sold using LIFO as $3,024 and its cost of goods sold using FIFO as $2,915. How much in taxes would Spear save by using the LIFO method versus FIFO? Sales revenue is $10,080, operating expenses are $800, 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 %