34 8 00:49:21 Nu Company reported the following pretax data for its first year of operations. Net sales Cost of goods available for sale 2,960 2,340 710 20% Operating expenses Effective tax rate Ending inventories: If LIFO is elected If FIFO is elected What Is Nu's gross profit ratio if it elects LIFO? Note: Round your answer to the nearest whole percentage. Multiple Choice 62% 57% 26% 54% 980 1,070