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  3. nueva company reported the following pretax data f

Nueva Company reported the following pretax data for its first year of operations. Net sales...

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Accounting

Nueva Company reported the following pretax data for its first year of operations. Net sales 7,340 Cost of goods available for sale 5,790 Operating expenses 1,728 Effective tax rate 25 % Ending inventories: If LIFO is elected 618 If FIFO is elected 798 What is Nueva's gross profit ratio (rounded) if it elects FIFO? Multiple Choice 30%. 32%

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