35 Nueva Company reported the following pretax data for its first year of operations. Net sales Cost of goods available for sale 8 00:47:18 Operating expenses Effective tax rate Ending inventories: If LIFO is elected If FIFO is elected What Is Nueva's gross profit ratio if it elects FIFO? 7,360 5,610 1,648 25% 625 814 Note: Round your answer to two decimal places e.g., 0.1234 as 12.34%. Multiple Choice 57.23% 32.27% 64.54% 34.84%