Question: Richmond's,Inc.'s inventory records for a particular development program show the following at October 31: s, Inc.'s inventory records for a particular development program show the

Richmond's,Inc.'s inventory records for a particular development program show the following at

October 31:

s,

Inc.'s inventory records for a particular development program show the following at

October

31:

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At October31,eleven of these programs are on hand.

Requirement

1.

Oct 1 Beginning inventory. . . .7 units @ $170 = $1,190

15 Purchase. . . . . . . . . . . .4units @ $175 = $700

26 Purchase. . . . . . . . . . . .12units @$190=$2,280

AtOctober31,elevenof these programs are on hand.Requirement

1.

 Sales revenue is $6,840, operating expenses are $1,500, and the income tax rate is 40%. How much in taxes would Richmond's save by using the LIFO method versus FIFO?

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