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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 2,820
Cost of goods available for sale 2,420
Operating expenses 820
Effective tax rate 20 %
Ending inventories:
If LIFO is elected 850
If FIFO is elected 1,240

What is Nu's gross profit ratio if it elects LIFO? (Round your answer to the nearest whole percentage.)

Multiple Choice

  • A. 63%.

  • B. 44%.

  • C. 58%.

  • D. 23%.

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