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Nu Company reported the following pretax data for its first year of operations. ...

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Accounting

Nu Company reported the following pretax data for its first year of operations.
Net sales 2,960
Cost of goods available for sale 2,480
Operating expenses 830
Effective tax rate 20%
Ending inventories:
If LIFO is elected 940
If FIFO is elected 1,150
What is Nu's net income if it elects LIFO?
Multiple Choice
$800
$640
$472
$590

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