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High Life Company's inventory records for its retail division show the following at July 31...

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Accounting

High Life Company's inventory records for its retail division show the following at July 31 :
(Click the icon to view the accounting records.)
At July 31,11 of these units are on hand. High Life Company calculated its cost of goods sold using LIFO as $2,502
and its cost of goods sold using FIFO as $2,395.
Read the requirement.
How much in taxes would High Life Company, save by using the LIFO method versus FIFO? Sales revenue is
$8,050, operating expenses are $1,800, 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
Data tableHigh Life Company's inventory records for its retail division show the following at October 31 : (Click the icon to view the accounting records.) At October 31,8 of these units are on hand. Read the Requirement 1. Compute cost of goods sold and ending inventory, using each of the following four inventory methods: (c) FIFO, and finally (d) LIFO. (Round the average cost per unit to the nearest cent. Round all final answers to the nearest whole dollar.)Data table
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