question archive Nu Company reported the following pretax data for its first year of operations
Nu Company reported the following pretax data for its first year of operations
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Nu Company reported the following pretax data for its first year of operations.
Net sales 2800
Cost of goods available for sale 2500
Operating expenses 880
Effective tax rate 40%
Ending inventories:
If LIFO is elected 820
If FIFO is elected 1060
What is Nu's net income if it elects FIFO?
$144.
$480
$288.
$1,360
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