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