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1.Pi Company reported the following pretax data for its first year of operations: Net sales2,800 Cost of goods available for sale2,500 Operating expenses880 Effective tax

1.Pi Company reported the following pretax data for its first year of operations: Net sales2,800 Cost of goods available for sale2,500 Operating expenses880 Effective tax rate40% Ending inventories: If LIFO is elected820 If FIFO is elected1,060 What's Pi's net income if it elects FIFO?

a.$288

b.$1,360

c.$144

d.$480

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