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Nu Company reported the following pretax data for its first year of operations. Net sales 2,890 Cost of goods available for sale 2,420 Operating expenses

image text in transcribed Nu Company reported the following pretax data for its first year of operations. Net sales 2,890 Cost of goods available for sale 2,420 Operating expenses 880 Effective tax rate 20% Ending inventories: If LIFO is elected If FIFO is elected 990 1,110 What is Nu's net income if it elects LIFO? Multiple Choice $700 $464 $580 $560

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