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Nu Company reported the following pretax data for its first year of operations. Net sales 2,870 Cost of goods available for sale 2,360 Operating expenses
Nu Company reported the following pretax data for its first year of operations.
| Net sales | 2,870 | ||
| Cost of goods available for sale | 2,360 | ||
| Operating expenses | 700 | ||
| Effective tax rate | 20 | % | |
| Ending inventories: | |||
| If LIFO is elected | 990 | ||
| If FIFO is elected | 1,150 | ||
What is Nu's net income if it elects FIFO?
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