If cost of goods sold under FIFO was $80,000 and was $100,000 under LIFO, assuming a tax rate of 40%, what were the tax savings resulting from using LIFO?
A.	$32,000
B.	$40,000
C.	$ 8,000
D.	There would be no tax savings.
Answer:C
If cost of goods sold under FIFO was $80,000 and was $100,000 under LIFO, assuming a tax rate of 40%, what were the tax savings resulting from using LIFO?
A.	$32,000 B.	$40,000 C.	$ 8,000 D.	There would be no tax savings.