Fulbright Corporation uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition):

43 units at $106 per unit

72 units at $77 per unit

173 units at $51 per unit

Sales for the year totaled 272 units, leaving 16 units on hand at the end of the year.

Ending inventory using the LIFO method is:

$816.

$1,696.

$1,051.

$866.

*

Nu Company reported the following pretax data for its first year of operations.

Net sales	2,890
Cost of goods available for sale	2,460
Operating expenses	860
Effective tax rate	25%
Ending inventories:
If LIFO is elected	1,020
If FIFO is elected	1,090

What is Nu's gross profit ratio if it elects LIFO?

Note: Round your answer to the nearest whole percentage.

17%

50%

53%

58%