Ontario Company's inventory records for its retail division show the following at March 31: (Click...
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Ontario Company's inventory records for its retail division show the following at March 31: (Click the icon to view the accounting records.) At March 31, 11 of these units are on hand. Ontario 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 Ontario Company, save by using the LIFO method versus FIFO? Sales revenue is $7,280, operating expenses are $800, and the income tax rate is 25% (Round your answer to the nearest cent.) Difference in methods x Income tax rate Tax savings using LIFO i Data Table i Requirement Mar 1 Beginning inventory.... 8 units @ $ 170 - $ 1,360 15 Purchase ............ 5 units @ 171 = $ 855 26 Purchase ............ 12 units @ 180 = $ 2,160 1. How much in taxes would Ontario Company, save by using the LIFO method versus FIFO? Sales revenue is $7.280. operating expenses are $800, and the income tax rate is 25%. (Round your answer to the nearest cent.) Print Done] Print Done
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