Nu Company reported the following pretax data for its first year of operations. Net sales 2,960 Cost of goods available for sale 2,350 Operating expenses 850 Effective tax rate 20% Ending inventories: If LIFO is elected If FIFO is elected What is Nu's net income if it elects LIFO? Multiple Choice $850. C $680. $624. 1,020 1,090 4 What is Nu's net income if it elects LIFO? Multiple Choice $850. $680. $624. $780. Thompson TV and Appliance reported the following in its 2021 financial statements: 2021 Sales Cost of goods sold: $425,000 Inventory, January 1 63,000 Net purchases 337,000 Goods available for sale 400,000 Inventory, December 31 96,000 Cost of goods sold 304,000 $121,000 Gross profit Thompson's 2021 inventory turnover ratio is: (Round your answer to two decimal places.) Multiple Choice 5.35. 3.17. Thompson's 2021 inventory turnover ratio is: (Round your answer to two decir Multiple Choice 5.35. 3.17. 3.82. 4.43