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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 2,840
Cost of goods available for sale 2,420
Operating expenses 780
Effective tax rate 20 %
Ending inventories:
If LIFO is elected 870
If FIFO is elected 1,190

What is Nu's net income if it elects FIFO?

Multiple Choice

  • $830.

  • $1,610.

  • $408.

  • $664.

Answer & Explanation Solved by verified expert
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