Nu Company reported the following pretax data for its first year of operations. Net sales...
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Accounting
Nu Company reported the following pretax data for its first year of operations.
Net sales 2,800 Cost of goods available for sale 2,500
Operating expenses 880
Effective tax rate 40%
Ending inventories:
If LIFO is elected 820
If FIFO is elected 1,060
What is Nu's net income if it elects FIFO?
a. $480.
b. $288.
c. $1,360.
d. $144.
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