Knowledge Check 01 Saunderstown Company reported the following pretax data for its first year of operations. Net sales Cost of goods available for sale Operating expenses Effective tax rate Ending inventories: If LIFO is elected If FIFO is elected Gross profit ratio $ 2,950 $ 2,480 $ 700 % 30% What is Saunderstown's gross profit ratio if it elects LIFO? Note: Round your answer to the nearest whole percentage. $990 $ 1,250

Knowledge Check 01 Saunderstown Company reported the following pretax data for its first year of operations. What is Saunderstown's gross profit ratio if it elects LIFO? Note: Round your answer to the nearest whole percentage. Knowledge Check 01 Saunderstown Company reported the following pretax data for its first year of operations. What is Saunderstown's gross profit ratio if it elects LIFO? Note: Round your answer to the nearest whole percentage