McKinley Inc. inventory records for a particular development program show the following at August 31, 2020: E (Click the icon to view the accounting records.) At August 31, 11 of these programs are on hand. All of the programs sold in August 2020 were sold on August 24, 2020. McKinley uses the perpetual inventory system. Sales revenue is $6,300, operating expenses are $1,400, and the income tax rate is 35%. How much in taxes would McKinley save by using the weighted average cost method versus FIFO? ... (Hold all decimals in interim calculations. Round all answers to the nearest whole number.) FIFO Weighted-average cost of goods sold cost of goods sold Difference x income tax rate % Tax savings using weighted average - Accounting records Aug. 1 Beginning inventory 15 Purchase 26 Purchase... 5 units @ $ 160 = $ 800 11 units @ 170 = 1,870 6 units @ 180 = 1,080 Print Done