Nueva Company reported the following pretax data for its first year of operations. ...
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Accounting
Nueva Company reported the following pretax data for its first year of operations.
| Net sales | 7,370 | ||
| Cost of goods available for sale | 5,720 | ||
| Operating expenses | 1,678 | ||
| Effective tax rate | 25 | % | |
| Ending inventories: | |||
| If LIFO is elected | 623 | ||
| If FIFO is elected | 807 | ||
What is Nueva's gross profit ratio (rounded) if it elects FIFO? (Round your answer to two decimal places e.g., 0.1234 as 12.34%.)
Multiple Choice
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