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12. B Company reported the following pretax data for its first year of operations. Net sales 2,800 Cost of goods available for sale 2,600 Operating

12. B Company reported the following pretax data for its first year of operations. Net sales 2,800 Cost of goods available for sale 2,600 Operating expenses 1120 Effective tax rate Ending inventories: If LIFO is elected If FIFO is elected What is B's net income if it elects FIFO? A. $105 B. $140 | C. $1,260. D. $144. 25% 1140 1,060

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