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Nu Company reported the following pretax data for its first year of operations. 2,800 2,500 880 40% Net sales Cost of goods available for sale
Nu Company reported the following pretax data for its first year of operations. 2,800 2,500 880 40% Net sales Cost of goods available for sale Operating expenses Effective tax rate Ending inventories: If LIFO is elected If FIFO is elected 820 1,060 What is Nu's gross profit ratio if it elects LIFO? o 5%. o 49%. o 80%. o 40%
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